Sacramento Estate Planning Blog

Once you create an estate plan, you'll feel much better about the state of your affairs. However, don't assume that you're set for the rest of your life.

There are times when it's critical to review your estate plan, as you may need to make some adjustments to ensure that it aligns with your intentions. Here are some significant times when you should review your estate planning documents:

• After a divorce or marriage. If you end your marriage or tie the knot, it's likely to impact your estate plan. Review it carefully for key changes.
• Someone named in your estate plan has passed on. If one of your heirs predeceases you, you will need to adjust your estate plan accordingly. The same holds true if the executor of your will or your power of attorney dies.
• Passage of new state or federal laws. If any estate planning laws go into effect or are altered, a thorough review is a must. You may need to adjust your plans to accommodate these changes.
• The value of your estate increases. If you received an inheritance yourself, your estate may now be worth much more than it was when you initially drafted your plans. This could change the decisions you make regarding the distribution of your assets.

When creating a will, you can't finalize the process until you've selected an executor. While you could make just any decision and hope it works out, this is a big risk that could put your estate at risk and your loved ones in an awkward position after your death

Before choosing an executor, it's critical to understand their duties. These can include, but are not limited to, the following:

• Reviewing the will to better understand the terms and conditions
• Distributing property based on the language of the will
• Maintaining all property until it's ready for distribution
• Paying all taxes and bills associated with the estate
• Making any required court appearances, such as for the probate process

Determining how to leave one's assets after death can be difficult. There may be a number of emotions that come into play pertaining to one's own mortality and relationships with loved ones. As a result, some may find it difficult to find the best path forward. Fortunately, the estate planning process can be molded to fit everyone's needs. This week, let's take a look at the types of wills that may come into play during the estate planning process.

The first type of will is an attested will. These wills are preferred because they are typed out and other individuals witness their signing. These witnesses should not have any interest in the will, meaning that they are not inheriting anything through the will. This prevents any claims of coercion or undue influence arising later down the road. Attested wills are also self-authenticating, so long as they are signed under penalties of perjury, which means that no testimony is needed to prove their legal validity. This can speed up the probate process.

With the ringing in of a New Year, people often reflect on the events that have personally affected them over the last year. Some of these events may be joyous, such as the birth of a grandchild or marriage, but others may be heartbreaking, such as the passing of a loved one. While these events and their remembrance can give rise to a whole host of emotions, they should also spur consideration of what the future may look like. While this often takes the form of goal planning, such as changing jobs, losing weight or being more communicative with loved ones, individuals should also think about their estate and how it will be handled when their time comes.

The first step in this process is merely confronting the reality that a time will come when one's estate must be dispensed with and recognizing that the process can have a profound impact on loved ones. Once this step is accomplished, then holistic estate planning can begin in a customized process that seeks to meet the individual's vision for the future. This may sound like a daunting process, especially considering that an estate plan should be revisited often after major life events like the ones mentioned above, but compassionate, experienced and skilled estate planning attorneys like those at our firm can help simplify the process.