When residents in California create an estate plan, it should not be left untouched indefinitely. Estate plans should constantly be evolving along with the individual to whom it belongs. In fact, there are many different points in life when modifying an estate plan might be necessary.
An estate plan should be reexamined any time there is a major life change. This typically involves matters related to family, finances and law. In regard to family, some of the most common reasons to modify an estate plan include getting married, getting remarried, adopting a child or having a baby, or getting divorced. Discovering that a dependent has a learning disability or other mental handicap may also count, as it might change how you want to handle inheritances.
Other lifestyle changes can require modification to an estate plan as well. It can be particularly necessary if you move to another city or state. Keep an eye on your local laws, too. Changes to these, especially tax laws, can also influence how you want to handle your estate.
In regard to finances, your estate plan should always reflect your most current financial situation. If you come into money for some reason, you want to ensure it goes where you wish after your passing. Likewise, if you suddenly find yourself with debts or having to file for bankruptcy, you want your estate plan to reflect this, as well.
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