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

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Have you updated your estate plan?

On Behalf of | Sep 25, 2021 | Estate Planning |

It takes time to see how daily life is full of opportunities to update your will in California. Below are examples of why or when you need to revise your estate and take control of your assets.

Tax laws

When tax laws change, estate planning equips you to reduce taxes on your estate, retirement fund or beneficiaries. A fiduciary or attorney may inform you of when the laws are changing in your favor. There are loopholes and havens to ask about, some of which protect your estate. Professionals may also teach you the difference between tax evasion and avoidance.

Major life events

Divorce or marriage will change your estate because you gain or lose major assets. Getting married or divorced leaves you with conditions and assets to tally again. Your revisions in such cases could include a change in beneficiaries and insurance. Life views, though personal and not judicial, also change and might compel you to revise your estate. Here are some reasons to update an estate plan:

  • Loss of insurance
  • Inability to work
  • Medical bills
  • College expenses

New assets

Putting new assets into a trust could change your tax status and worth. Updating a trust offers you protection for assets while increasing your estate’s privacy. Updated trusts typically receive new beneficiaries, tax protection and asset classes.

Wills and living testaments

Estate owners often write a will with the intent of revising it occasionally. The more knowledge you gain of your estate, the more ways you can be strategic with your assets. California residents have the right to change their wills if they decide to include or exclude people and things.

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