San Diego County Estate Planning Lawyer Mark Ignacio Can Ensure Your Will Reflects Your Wishes Throughout Life Changes
If change is the one constant in life, it makes sense that these changes can affect your wishes for your estate plan, too. Over time, the assets you might leave to a loved one upon your death and even who you want to inherit your belongings can change. Only by approaching estate planning as a lifelong journey rather than a one-time task can you make sure your documents continue to reflect your most current wishes over a lifetime.
At Mark Ignacio Law, our unique perspective on estate planning as a bridge connecting generations of the family even after death incorporates this vision. With us, your journey begins with our free estate planning seminars and continues with caring, compassionate legal support throughout your life.
Why Does an Estate Plan Need to Change?
You shouldn’t wait until you are elderly or in poor health to think about estate planning. Every adult with assets of any kind should have a will, and for many people, having both a will and a trust is a wise strategy. These legal tools express your wishes for what should be done with your assets in the event of your death so your loved ones receive any wealth or belongings you want them to have.
The flip side of prioritizing estate planning early in your adult life is that you can’t just “set and forget” wills and trusts. Hopefully, there will be years or even decades between the time you first have a San Diego County attorney create a will for you and the time of your passing or incapacitation. During this time, there are sure to be changes in your life and, likely, corresponding changes in your wishes for your estate.
Life Changes
The most common reason for updating your will over the course of your lifetime is because of changes that occur in your personal life. Your estate plan is very personal, developed specifically to express your wishes and tailored to the needs and dynamics of your family.
Often, the types of occurrences that necessitate updating your estate plan involve major life changes or family changes, such as:
- Births
- Adoptions
- Minor children reaching adulthood
- Changes in the ability of guardians to care for your children
- Deaths
- Marriages
- Divorces
- Remarriages
- Relocation
- Health changes
You might also update your estate plan due to the acquisition of new assets or other changes in financial status, such as:
- Inheritances
- Real estate purchases or sales
- Significant purchases, sales, or business transactions
- Increases in net worth
- Retirement
Some of the changes that may motivate you to update your estate plan are joyful, while others are somber occasions. As a caring, faith-based attorney, Mark Ignacio does more than simply update your legal documents to reflect these changes. He celebrates the happy moments with your family and mourns your losses with you, praying for your family and the repose of the souls of lost loved ones.
Legal Changes
In some instances, changes in the law, rather than in your own life, may prompt you to update your will. Over the course of a lifetime, the laws and regulations that could affect your estate plan may change numerous times. The most beneficial options when you first create your estate plan may no longer be the best options decades later.
Having a trusted estate planning lawyer allows your family to adjust wills and trusts as needed in response to changes in tax laws and inheritance laws. This ensures that the estate planning options chosen are still the most beneficial for your family when the time comes to execute the will.
When to Review and Update Your Estate Plan
According to the California Public Employees' Retirement System, it’s generally recommended to review your estate plan, including wills and trusts, annually. This can be done on your own or with your estate planning attorney to ensure the wishes you have expressed and the plans you have made still align with your current needs, goals, and family dynamics. At least once every five years (if not more frequently), you should review your will with your attorney to keep up with relevant legal changes, as well.
You may only need to update your estate plan when changes in your life influence your wishes for your estate. The good news is that once you have an estate plan in place, created through the guidance of your attorney, you don’t have to start from scratch each time you need to update your will or trust. The hardest part is already done.
Regular reviews of your estate plan and the ongoing advice of your La Mesa estate planning lawyer can make sure your will, trust, and other documents remain up to date and in compliance with legal changes long after you first create them.