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Your estate plan is a crucial part of protecting yourself and your loved ones while ensuring your wishes are honored if you become incapacitated or pass away. At Herbert Law Office, we recommend revisiting your estate plan at least once a year, with January being an excellent time to review your documents and set your intentions for the year ahead.

Life is full of changes, and your estate plan should evolve alongside them. Additionally, living in California presents unique considerations for estate planning. Here are some key moments and reasons to review your estate plan:

1. Major Life Changes

Significant events in your life can impact your estate plan. Marriage, divorce, the birth or adoption of a child, or the death of a loved one are all milestones that may require updates to your documents. In California, these events can also affect community property and inheritance rules, so it’s essential to ensure your plan reflects these changes.

2. Financial Changes

A significant change in your financial situation, such as acquiring assets (land, bank accounts, etc), starting a business, or receiving an inheritance, should prompt a review of your estate plan. California’s property laws and tax implications make it especially important to properly title your assets and keep your plan up to date.

3. Changes in Laws

Estate planning laws can change over time, with many new regulations going into effect at the beginning of the calendar year. California has its own set of probate and tax laws that can impact your estate. Regular consultations with your estate planning attorney ensure your plan complies with the most current state and federal regulations. 

4. Health Considerations

If you or a loved one experiences significant health changes, it may be time to review your plan. Powers of attorney and healthcare directives should reflect your current wishes and designate the right individuals to act on your behalf to enforce your wishes for your finances and medical decisions.

5. Your Goals Have Changed

Perhaps your priorities or charitable intentions have shifted. Revisiting your estate plan ensures it aligns with your current goals and values.

6. Annual Review

Even if no major changes have occurred, an annual review helps you stay proactive. January is an ideal month to revisit your estate plan, ensuring it remains comprehensive and effective as your life and California’s laws evolve.

At Herbert Law Office, we’re here to guide you through every stage of the estate planning process. If it’s been a while since you last reviewed your plan, or if you’ve experienced any of the changes mentioned above, contact us today at (661) 273-9007 to schedule a FREE consultation. Let’s work together to ensure your estate plan provides the protection and peace of mind you and your family deserve.

Frequently Asked Questions (FAQs)

Q1. How often should I review my estate plan in California?
Ans). It’s recommended to review your estate plan at least once a year. January is an ideal time to revisit your documents to ensure they reflect any life, financial, or legal changes.

Q2. What major life events require updating my estate plan?
Ans). Marriage, divorce, birth or adoption of a child, death of a loved one, or significant health changes are key events that should prompt an immediate review of your estate plan.

Q3. Why is it important to review my estate plan after financial changes?
Ans). Significant financial changes, like acquiring property, starting a business, or receiving an inheritance, can impact how your assets are distributed and taxed under California law. Reviewing your plan ensures proper asset titling and protection.

Q4. Do estate planning laws change frequently in California?
Ans). Yes, estate planning, tax, and probate laws can change, often at the beginning of the calendar year. Regular reviews ensure your plan remains compliant with current state and federal laws.

Q5. What happens if I don’t review my estate plan regularly?
Ans). Failing to review your estate plan can lead to outdated designations, unintended beneficiaries, or legal complications, potentially causing stress and financial harm to your loved ones.