There is no way to know with certainty what will happen in the future, but there are steps one can take that will allow him or her to have a measure of control over certain matters. Through estate planning, it is possible to have the final say over things, such as what will happen to property and assets after death. It can also allow you to control the types of medical care you could want in the event of your incapacitation.
By creating an estate plan, you can feel confident about the future. However, there are times when your plan may not provide you with as much protection as you need, and this is why it is critical to update your plans at certain times. Failure to update your plans could result in complications for you, as well as your loved ones.
Time for adjustments and changes
Life is unpredictable, and things have likely changed to some degree since completing your plan. Certain and major life events are typically good reasons to update your strategy and provide you with the true amount of protection you need. Some of the life changes that could trigger an update to your plan include:
- You are newly married, and you need to add your spouse to your plans.
- You have had additional children since you created your plan.
- There has been a divorce or remarriage that could impact your plans.
- You have a disabled child or grandchild and want to provide for him or her.
- You have started a new business and need to create a succession plan.
- You have different financial circumstances now than you did in the past.
- You need to remove one person from your estate plan.
- You remarried and want to include your new wife and stepchildren in your plan.
- Your health has changed, and you need to address your potential medical needs.
These and any new circumstances in life could trigger changes to your existing plans. Even if you have not experienced major changes, it is beneficial to seek an evaluation of your estate and your current plans every few years. By keeping your plan up-to-date and reflective of your current circumstances, you can be confident that your future is secure and you have control over what happens to your California estate.