Creating an estate plan is essential for individuals over 40 who own homes and have children. Estate planning ensures that your assets go where you want them to and provides peace of mind for you and your family. Here’s when you should consider creating or updating your estate plan in California.
Major life events
Significant life changes, such as marriage, divorce, the birth of a child, or the sale of a home, are key times to create or update your estate plan. These events can alter your financial and personal circumstances, and need adjustments to your estate planning documents.
Changes in financial status
A large change in your financial situation should prompt a review of your estate plan. It can range from receiving an inheritance, starting a new business, or experiencing a significant increase in assets. Ensure your plan reflects your current financial status for effective asset management and distribution.
Health concerns
If you or a family member face serious health issues, create a comprehensive estate plan. Set up powers of attorney, healthcare directives, and trusts to manage your assets and care preferences if you become incapacitated.
Regular reviews
Even without major life changes, review your estate plan every few years. Laws and personal circumstances change, so update your plan regularly to maintain its effectiveness.
Plan for the future
Estate planning is a proactive step that ensures you honor your wishes and protect your loved ones. For homeowners and parents in California, regularly review and update your estate plan for peace of mind and future security.
