An estate plan is meant to last. Estate plans can be drafted when an individual is in their 40s or 50s, or even younger. But the terms of the documents may not be implemented or become effective until decades after they were drafted.
Throughout those years, many of your life circumstances may change. For example, you might have gone through a divorce or entered into a new marriage. Your family may have grown through the birth or adoption of a child, or you may have gained a stepchild or grandchild since you first signed your estate plan.
Every few years, you should evaluate your estate plan to ensure it still meets your requirements and the needs of your loved ones. If you find yourself with an outdated estate plan, our experienced San Mateo estate planning attorneys can help you update your estate plan to reflect your wishes.
Making Modifications to Your California Will and Trust
It’s crucial to keep up with your estate plan once you’ve made it. For instance, if there are additions to your family, you may want to change the beneficiaries listed in your will or trust. On the other hand, you may also want to remove certain individuals as beneficiaries. Keep in mind that if you don’t keep your estate plan current, your wishes may not be honored.
Types of Trusts
In California, it is possible to modify a trust document. However, the steps to amend the trust will depend on the type of trust in place. Some of the various trusts in California include:
- Revocable trusts
- Irrevocable trusts
- Irrevocable life insurance trusts
- Testamentary trusts
- Charitable trusts
- Special needs trusts
Generally, the best practice when drafting a will or trust is to contact an experienced estate planning attorney to help you create a formal document that will express your wishes and comply with California law.
Why Might My Will or Trust Need to Be Updated?
There could be several reasons why your will would need modifications, including:
- You’ve acquired more real estate
- Your property’s value has increased
- You must add a beneficiary because your family just welcomed a new member
- You must add a beneficiary since you adopted a child
- You need to remove a beneficiary since one of your family members has passed away
- You’ve chosen to remove a beneficiary for other reasons
- You need to amend your beneficiaries since you got remarried or divorced
If your will or trust isn’t updated and reviewed at these crucial junctures, there’s a chance that your loved ones might be left with the weight of unneeded legal actions and costs, which might be both emotionally and financially taxing.
Get In Touch With a San Mateo Estate Planning Attorney Today
If you need to draft a will or trust, or make modifications to one already in place, get in touch with our knowledgeable San Mateo estate planning attorneys. At Loew Law Group, we’ll help ensure that your estate plan accurately reflects your intentions and conforms with California law.