Having a comprehensive estate plan is one of the most valuable gifts you can give to both yourself and to your loved ones. Not only can your estate plan ensure that your assets are distributed according to your wishes after you are gone, but it can also help grow those assets while you are alive. Moreover, your estate plan can also protect you in the event of incapacity. What many people fail to realize, however, is that reviewing and revising your existing estate plan is every bit as important as creating the initial plan.
Your estate plan should be uniquely tailored to your individual needs and goals. Nevertheless, there are some common estate planning tools and documents found in the average estate plan, such as:
Once you have an estate plan in place, you should make a point of conducting routine reviews every few years to make sure your plan stays up to date. In addition, there are several life events that may prompt the need to make amendments to your plan, including:
Most estate planning laws are governed by state law, meaning you need to be familiar with the formation and execution requirements in the state where you live at the time of execution. In California, making changes to some common estate planning documents can be accomplished as follows:
At Dental & Medical Counsel, we understand how important it is for you to preserve your legacy while putting directives in place, should something happen to you. If you need help creating or amending your estate plan, contact us to schedule a complimentary consultation with attorney Ali Oromchian.
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