Modifications to Estate Plans
Chico Estate Planning Attorney
If you have completed your
estate plan, you should be proud of yourself for planning ahead. If you have completed
your estate plan and now need to make changes to it, you should not worry.
Despite the importance of a well-drafted estate plan, they are not exactly
“permanent.” When it comes time to make a change, our Chico
estate planning lawyer can help you through the process with as little
trouble or delays as possible.
You can contact our office
online or call 530-898-1488 to begin.
Why Would I Change My Estate Plan?
Estate planning is often described as something that needs to be done,
but only needs to be done once. For many people, this is absolutely true,
but for many more, modifications to estate plans do become necessary throughout
the years. To ensure that your loved ones will be taken care of after
you are gone, and that your estate is handled to your wishes and expectations,
you should take a day each year to review your own estate plan and determine
if you have to make changes.
Reasons an estate plan should be modified include:
Marriage: If you made your estate plan while you were young, possibly due to coming
into a considerable sum of money, you might not have been married at the
time. Now that you have found a new spouse, be sure to change up your
plan to include them.
Divorce: Even the happiest and most-promising of marriages can end in divorce.
While you are sorting out your divorce agreement, do not forget that your
estate plan should be modified as well to remove them from your will or trusts.
Children: Did you remember to modify your estate plan after you welcomed a new baby
into your life? Perhaps one of your adult children has recently shown
more responsibility and promise? Think about modifying your estate plan
to increase their inheritance. The opposite may also be necessary if you
feel you can no longer trust someone in your family with a piece of your
estate, such as a business or home.
Gain or loss: Careful planning can keep your estate fairly stable but the unexpected
does happen, and happen quite often. If you are lucky, your estate will
grow rather than decrease. Either way, you should modify your estate plan
to account for the differences in value.
Our Chico Estate Planning Lawyer Makes It Easy
Changing a will can seem like a straightforward process but it can easily
get bogged down with complications, especially if parties interested in
their inheritance get in the way. Modifying a trust may be even more complicated
due to legal statutes and whether or not it is revocable or irrevocable.
To make things simple on yourself, retain the services of Attorney Nikki
Farris and pass all the paperwork over to her. She can get you started
on your estate plan modifications with ease and with a calm peace of mind.
Want to know more? Contact us
today and we would be happy to talk to you.