Estate Planning is Not a One-Time-Only Event
Life changes. So do people and circumstances. The person you were even a few years ago is probably not the same person you are today.
So those critical estate planning documents, like your advance healthcare directives, powers of attorney, guardianship nominations, wills and trusts need to be reviewed and updated regularly; once a year on your own, and every 5 years with your attorney.
Blended Families and Estate Planning
Second marriages and blended families, for example, can create estate planning challenges that must be addressed.
If you want to make certain your children from your first marriage receive your inheritance, you need to make that clear in your estate plan.
If your new spouse is to become your healthcare surrogate or financial power of attorney, those documents need to be updated as well.
Not only do they need to be updated, they must be accessible. Estate planning documents that are sitting in a safe deposit box that no one can get into are useless - especially in an emergency.
The First Step in Estate Planning is Communication
The team at Rusconi, Foster and Thomas says the best first step for estate planning is to talk with your loved ones about your wishes. Then put it in writing.
If your family knows what to expect, there should be no surprises, hurt feelings, or fractured relationships once you are gone.
Need assistance with updating your estate plan? Contact us today.
Rusconi, Foster & Thomas, APC
We're located in Morgan Hill, California serving Santa Clara, San Benito, Santa Cruz, and Monterey Counties since 1956.