There can be a lot to consider when putting together an estate plan. For instance, you might live in California but own property outside of the state. In addition to navigating estate planning laws, you likely have to take family dynamics into account when putting your plan together.
Life may force you to put a plan together
When you get married, you agree to share your love and your assets with another person. If you have a child, you’ll need to be sure that he or she will be cared for if anything happens to you. The birth or death of a family member could also make it necessary to either create estate plan documents or alter those that have already been created. Other events such as starting a business or changes to tax laws might also mean that it is time to create a will or a trust.
Tailor a plan that meets your needs
Ideally, you will create a plan that meets your current and anticipated future needs. For instance, if you have children, you may want to create a trust that holds their inheritance or provides for any special needs that they will have. Those who don’t have kids could still benefit from creating beneficiary designations or taking other steps to exert greater control over where their assets go.
Don’t forget to review a plan regularly
It is a good idea to review your estate plan at least once a year. Doing so can ensure that a will or trust still meets your needs as it is written. If it isn’t an annual review may be a good time to make changes to those documents or to add documents to your plan.
If you aren’t sure where to begin when it comes to estate planning, an attorney might be able to help. He or she may explain the different types of plan documents that you can use and whether they are appropriate in helping to meet your goals.
