Your Estate Plan: Keep it Current

There are a lot of people who update their resume much more often than they update their estate plan, but the truth is that much more can happen to your estate plan in the same amount of time. You update your resume so that you can communicate to potential employers your skills, experience, and qualifications in your professional realm. Just think for a second how out of date this resume would be if you didn’t update it for a couple of years or even a decade. Some studies have shown that the average estate plan administration can be 17 years after the last update of a trust. How much life can happen in 17 years?

Your outdated estate plan, just like an outdated resume, will not work like it should.

When did you create your plan? What has changed since then?

Take out your estate plan. If you cannot easily locate it, that is a problem itself. If something happens to you, your successor trustee needs to be able to locate your estate plan. Both your successor trustees and you should know where your estate plan is located. After you have pulled it out, review the last time that you made a change to your trust by finding the most recent amendment or restatement and see what the date is.

Now reflect on all the things that have happened since this date. Here is a list of possible changes that may affect your plan:

  • Tax Law Changes

  • Financial changes—positive or negative changes

  • Someone has passed away

  • Addictions

  • Changes in health

  • Move out of state

  • Purchased new types of property

  • Business changes-- positive or negative

  • Any changes in family circumstance (marriages, divorces, adoptions, births, etc.)

  • Incapacity or disability

If you have created an estate plan with our firm, we do not charge for quickly reviewing your plan to see if it needs some amendments or changes. If you do not have a relationship like this with an attorney, give us a call to see how we can help you at (951)304-3431

Featured Posts
Follow Me
  • Grey LinkedIn Icon
  • Grey Facebook Icon
  • Grey Twitter Icon
Palm Trees

29970 Technology Drive, Suite 217

Murrieta, CA 92563

Tel: 951-304-3431

  • LinkedIn
  • Facebook
  • Yelp

© 2020 by The Ashcraft Firm

This is Attorney Advertising

Nothing contained herein should be considered legal advice.


Note: In accordance with Section 528(b)(2) of the United States Bankruptcy Code, readers of this message are advised that THE ASHCRAFT FIRM is a DEBT RELIEF AGENCY whose services may include helping people file for relief under the Bankruptcy Code.


IRS Circular 230 Disclosure: To ensure compliance with IRS's requirements, please be advised that any tax advice contained in this communication (including any attachments) is not intended or written to be used or relied upon, and cannot be used or relied upon, for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.