Reasons to Revisit Your Estate Plan

3:20 pm Estate Planning

estate planning image 284x250 150x150 Reasons to Revisit Your Estate PlanMany people who create an estate plan for themselves and their families make the mistake of thinking that once the estate plan is drawn, that’s it. The fact is that estate planning is an ongoing process.  Relocation, divorce, marriage, the death of a spouse or child who would have been beneficiaries, illness, moving out of the country, changes in wealth for better or worse — all of these are reasons to revisit your estate plan as well as your will.

Any time you move, let your estate planning attorney know. Estate and will laws vary from state to state, and there are also statutes in place for those who leave the country, with or without their families.

To keep your estate and assets safe from taxation or from being interpreted incorrectly in the event of your passing, make sure you revisit your will with your lawyer whenever you think a change in your financial or personal life may affect your estate. This is especially important for those whose estates are more than several million dollars; taxation laws from state to state can wreak havoc on your estate and assets if you haven’t taken the necessary precautions.

You may want to consider a foreign asset protection trust if you move to a state where the minimum estate worth for taxation is lower. Talk to your asset protection attorney to see if foreign asset protection is a sensible choice for your estate.

Going over your estate plan and your will with your attorney once a year is a simple matter of exercising good common sense. Contact our Costa Mesa law firm to keep your family’s interest protected.

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