Reasons to Revisit Your California Will and Estate Plan

4:52 pm Uncategorized

Many people who enact an estate plan for themselves and their families make the mistake of thinking that once all the ducks are in a row, that’s it. The fact is, estate planning and indeed asset protection are ongoing processes. Moving, 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 and your will.

Anytime you move, let your estate planning attorney know. Estate and will laws change 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 two million US dollars; taxation laws from state to state can wreak havoc on your estate and assets if you haven’t taken the necessary precautions with your asset protection lawyer.

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 (for example you lived in a state where the minimum was three million and moved to a state where the minimum is 2.3 million). Talk to your asset protection attorney to see if foreign asset protection is a sensible choice for your estate.

Above all, remember your attorney works for you and protects the interest of your family. Going over your will with your attorney once a year is a simple matter of exercising good common sense. Write it down on your calendar and keep your family’s interest protected.

Get started by contacting our Orange County asset protection estate planning law firm as soon as possible.

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