Revising Your California Will: An Important Aspect of Estate Planning

4:31 pm Uncategorized

Estate planning can often be complex and that’s why California estate attorneys are always warranted when planning your estate and organizing your assets. Planning your estate, creating a living will and planning for a healthcare surrogate or medical power of attorney are all wise choices. But these choices and all the work you and your attorney put into them may fall by the wayside if continued revision is not attended to regularly. It is recommended that estate plans and decisions about your health care in the event you cannot communicate should be revisited every one to three years.

By reviewing and revising your estate and the medical options in a living will, you will stay on top of changes within the law that could prevent your plans from being effective. In addition, matters within your family can change, and as such, your estate and living will should be changed as well. Wealth transfer planning should be revised for a number of reasons in the event of changes in family or in personal assets; many of these reasons are personal while others may be caused by factors such as economic decline or incline, changes in retirement assets and changes in tax law associated with taxable estates.

Many wills include a federal applicable exclusion amount that helps to eliminate or lessen the amount of federal taxes on the estate. As estate law changes, the size of an estate can change how well it is protected against this type of taxation. A surviving spouse, children and others will be grateful for this protection, so be sure that your will and Newport Beach estate plan are revised to reflect the current laws regarding federal applicable exclusion.

Help is available to you by contacting your Southern California financial planning experts today.

Leave a Comment

Your comment

You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.