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Law Office of DeAnne E. Parker
Redding Probate, Trusts, Estate Planning And Business Attorney

How often should I review my estate plan?

Putting together a comprehensive estate plan is an important step for residents of Northern California. The process can be complicated and involve multiple steps, which is why it is generally a good idea to get the assistance of an experienced attorney when doing initial estate planning.

Once a solid estate plan is set up, the plan can help reduce conflict or confusion after a person dies since it should reflect the person's wishes. Moreover, a good estate plan can also save costs in terms of taxes, fees and the like, meaning more of a person's legacy will actually go to his or her loved ones, favorite charities and the like.

However, it is very important for a person not to rest easy after he or she has set up his or her estate plan. In fact, at least one well-known business that offers financial services and products recommends that people review their plans every three to five years as a matter of routine.

Even if there are no changes in the objectives of the plan, a legal development or other circumstance could necessitate a change or clarification in the plan.

Moreover, people should also review and update their plans after certain significant life events. Some of these life events are fairly obvious, like marriages, divorces, births and deaths.

However, it is also important to update a plan in other situations, such as when a child or grandchild reaches adulthood or even when there is a significant change in one's own income or net worth.

As is the case with first-time estate planners, Californians who are due for a review and update of their estate planning documents should consider speaking with an attorney with experience in estate planning.

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