By Thomas D. Reid, JD, The Burton Law Firm
While many individuals have created an estate plan to protect their family and assets, it is advisable to review an estate plan periodically to ensure one’s needs and wishes will be met upon one’s passing.
Although an estate plan is designed to take care of one’s wishes, certain provisions of the plan may need updating or review to ensure the plan’s effectiveness. Whether one’s appointed representatives have passed away, a change in family relationship, such as a divorce, has occurred, or the birth of a child or grandchild takes place, it is crucial that these provisions are reviewed periodically to ensure the updates in a person’s life are reflected in their estate plan.
There is no set time during which an estate plan review should be conducted. However, it is advisable to review one’s plan when a major change occurs in one’s life, or alternatively, every three years. Failure to review an estate plan regularly can result in, among other things, an agent serving the estate that has fallen out of favor with the Settlor, distributions of the estate against the Settlor’s intent and wishes, contingent guardianship of a newborn not being established, or assets left outside of the trust requiring the courts to probate the estate to change title to the assets.
Our firm is dedicated to ensuring that our clients’ estate planning needs and wishes are met at all times. As such, we ask that if you or anyone you know would like to review your estate plan, give us a call to set up an appointment to meet with our attorneys to ensure you and your family are protected.
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The Burton Law Firm
555 University Avenue, Suite #275
Sacramento, CA 95825
Phone: (916) 570-2740 Fax: (916) 570-2744