In California and throughout the United States, many people are busy reviewing their resolutions for the new year. From more exercise to financial goals, people of all ages set their sights on improving various aspects of their lives. Many advisers say making estate planning part of those goals is a good idea.
A lot can change in a year’s time. Many situations involve finances or other important matters. Whether a thorough estate plan is already established or the topic has yet to be considered, the beginning of a new year is a good time to revise an existing plan or to seek guidance for executing a new one.
Changes to tax laws could have a significant impact on an existing estate plan. An estate administration and probate attorney can provide clarification and guidance as to how to maximize options to take advantage of new legislation. The birth or adoption of a child, a marriage or divorce, as well as a significant change in income are other circumstances that typically have bearing on one’s estate.
Estate planning runs the gamut from simple to complex. It is a highly customizable endeavor that can help provide financial security for one’s family. Many California residents also like the fact that they can include specific instructions regarding urgent medical decisions and/or who is able to make financial decisions on their behalves should they become incapacitated and unable to do so. A first logical step to take to execute a solid estate plan is to contact an experienced attorney for guidance.
Source: Forbes, “6 Reasons To Revise Your Estate Plan As Soon As Possible“, Mark Eghrari, Jan. 2, 2017