How and when to update your will in San Diego | San Diego Estate ...

If you are a San Diego area resident who has a last will, well, you are already a step ahead of many Americans. However, even among those people who do have this very important estate planning document in place, many people fail to keep it properly updated.

Wills, and living trusts, too, need to be reviewed every five years. In some cases, they need to be revised even more often--in the case of a change in laws or in your own personal circumstances.

The following are life changes that may mean it is time to give your will another look:

• Financial changes on the horizon: If you are expecting a certain financial success, perhaps a promising investment or the sale of a business, it may be wise to talk to an estate planning attorney about transferring holdings to your family before the appreciation occurs. By doing so, your family may be able to take advantage of gift and estate tax laws. On the contrary, financial setbacks may merit a will revision as well.
• Change in relationship status: If you have gotten married, divorced or separated since you put together your estate plan, it is definitely time to update your will and/or trust. Additionally, if you have lost your spouse, there will be estate tax considerations to review, and it will also be important to make sure that you have a power of attorney listed for yourself.
• Becoming a parent or grandparent: Many people create their estate plans upon becoming parents, as it is very important to list a guardian for your child as well as create a financial plan in case of an emergency. When people become grandparents, it is time to update wills or family trusts to ensure the new family member is included.
• Failing health: If you are in poor health, it is time to ask your estate planning attorney to make sure your documents are in order and up to date.

Source: Forbes, "When should you redo your will?" Deborah L. Jacobs, Aug. 8, 2012

Source: http://www.sandiegoestateplanningattorneysblog.com/2012/08/how-and-when-to-update-your-will-in-san-diego.shtml

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