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Bay Area Estate And Tax Planning Law Firm
Estate Planning
Trust Administration and probate

Factors indicating that you might want to revisit your estate plan

| Aug 4, 2020 | Estate Planning |

It is a reality in the estate planning world that many individuals and families delay paying attention to key matters inviting timely input because they simply don’t want to think about end-of-life concerns and death.

That’s understandable, of course. Who among us doesn’t prefer to think about being perpetually youthful and far from needing to focus upon a plan involving the end of life?

The resulting urge to procrastinate should be tempered, though, by the central truth that a sound estate planning strategy addresses far more than just some passing of the family torch in old age.

We underscore that on our website at the experienced Bay Area Law Offices of Connie Yi. We stress therein that a tailored estate plan is far more “than just a guide for handling of assets upon one’s death.” Indeed, it reflects a strategy that can help a planner “better ensure you make the most of your estate while you are still around to enjoy it.”

Here’s a question that might reasonably pop up for any individual who has proactively taken the reins and drafted a well-crafted plan: How often should an estate plan be revisited and modified?

Candidly, that depends, and can be assessed after consideration of a few self-posed queries, including these:

  • Has family membership grown through birth, marriage, adoption or grandchildren?
  • Have any loved ones passed away?
  • Have material changes occurred regarding personal finances and/or relevant tax laws?
  • Have several years passed since a plan was created?

Any of those variables might trigger the need for plan revisiting and adjustment. A proven attorney can provide further information and help with the task.


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