Updating your will gives you the opportunity to ensure your estate plan continues to reflect your family, your property, and your intentions. At the Law Office of Emily J. Buchbinder, we help individuals and families in Santa Cruz and throughout California review and update their estate plans as their circumstances evolve.
Our boutique firm focuses on estate planning, trust administration, probate, and taxation. We understand that reviewing a will is about more than changing names on a document. It is about making sure the overall plan continues to work as intended.
Marriage or Divorce Can Change Your Planning Needs
Marriage is a major reason to review an estate plan. A person who created a will while single may have named parents, siblings, friends, or other individuals as beneficiaries. After marriage, that arrangement may no longer reflect the person's intentions.
Divorce can also create a reason to revisit an estate plan. Your documents may contain provisions involving a former spouse, and your overall estate planning strategy may need to be reconsidered after a significant change in your family circumstances.
Rather than assuming a life change automatically changes every part of your estate plan, it is often better to have your documents reviewed and determine what should change.
The Birth or Adoption of a Child
Having a child can fundamentally change how you think about your estate. Parents may want to ensure that their children are provided for and may need to consider who should manage property for a minor child if the parents die.
A will may also address important decisions concerning guardianship nominations and the distribution of assets, although the overall estate plan should be considered together rather than relying on one document in isolation. If your family has grown since you last reviewed your estate plan, it is worth taking another look.
What If One of Your Beneficiaries Dies?
You should also review your estate plan if a beneficiary dies. If your will leaves property to someone who has passed away, the consequences depend on the document's language and applicable law. Depending on the circumstances, the property may pass to another person under the will or under California law.
You may also simply want to choose a different beneficiary. This is why reviewing an estate plan after a death in the family can matter, even when the deceased person didn't create the plan.
Don't Forget About Beneficiary Designations
One of the most overlooked parts of estate planning is the beneficiary designation. Retirement accounts, life insurance policies, and certain other financial accounts may have beneficiary designations that determine who receives the asset after death.
Updating your will does not necessarily update these designations. That means you could have a newly revised will while an old beneficiary designation remains in place elsewhere.
A comprehensive estate plan review should consider these accounts so that your planning documents and beneficiary designations work together as intended.
When Someone You Chose Can No Longer Serve
Your will or related estate planning documents may name people to take on important responsibilities after your death or during a period of incapacity.
Perhaps you selected a sibling who has since moved across the country. Maybe the person you originally trusted is now elderly, seriously busy, or simply no longer the person you would choose.
Your circumstances may also have changed enough that another individual would now be better suited to serve. Reviewing these appointments can be just as important as reviewing who receives your property.
A Change in Your Financial Situation May Call for a Tax Review
Changes in wealth can also make an estate plan worth revisiting from a tax perspective. A person whose financial circumstances have become more complex may need to consider how different assets will be treated, how property will transfer, and whether tax planning should play a greater role in the overall estate plan.
Founding attorney Emily J. Buchbinder holds a Master of Laws in Taxation (LL.M.) and is a Certified Legal Specialist in Estate Planning, Trust, and Probate Law by the State Bar of California Board of Legal Specialization.
Our firm can consider estate planning and tax issues together when those considerations are relevant to the client's goals.
How Often Should You Review Your Will?
No universal schedule makes sense for everyone. Some people may benefit from reviewing their estate plan every few years simply to confirm that their circumstances and wishes have not changed. More importantly, a significant life event should prompt a review, no matter how recently the documents were signed.
Marriage, divorce, the birth or adoption of a child, a death in the family, a substantial change in assets, a move, a new business, or other major developments can all be reasons to revisit your planning.
A review does not necessarily mean you need to rewrite everything. Sometimes the existing plan remains appropriate. The purpose of the review is to find out.
Updating a Will Is Not Always as Simple as Marking It Up
If you want to make changes to your will, it is important to use an appropriate legal method. Simply crossing out provisions, writing new instructions in the margins, or attaching informal notes can create uncertainty and may not accomplish what you intend.
The appropriate approach depends on the circumstances and the changes you want to make. In some situations, a new will may be appropriate. In others, an amendment or broader estate plan revision may be considered.
Our firm can review your existing documents and help determine what changes may be appropriate based on your goals.
Contact Emily J. Buchbinder Today
At the Law Office of Emily J. Buchbinder, we provide individualized estate planning guidance to clients in Santa Cruz and throughout California. Our goal is to help you understand your options and create or maintain an estate plan that reflects your circumstances and wishes. If you are wondering whether it is time to update your will, contact the Law Office of Emily J. Buchbinder today to schedule a conversation about your estate planning needs.
Contact the Law Office of Emily J. Buchbinder team at (831) 462-1313 or fill out our confidential contact form.
