The most common problem we see is not a missing estate plan, it is an outdated one. A plan can quietly stop reflecting your family, your assets, or the law.
Certain events should always trigger a review: a marriage or divorce, the birth of a child or grandchild, the death of someone named in your plan, a significant change in your assets, a move to or from California, or a child reaching adulthood.
Changes in the law matter too. Property-tax rules under Proposition 19, the federal estate-tax exemption, and retirement-account rules have all shifted in recent years. If you have an existing living trust but have not had it reviewed over the past 5 years, now is a great time to get a new set of eyes on it.
As a general guide, it is worth reviewing your plan every three to five years, and after any major life event. Often the update is small, but confirming that is exactly the point.
We are glad to review an existing plan, even one we did not prepare, and tell you honestly whether it still fits.
This article is general information, not legal advice, and does not create an attorney-client relationship. Estate and business law change and depend on your specific situation. Speak with Donald W. Flaig before acting.