Conover & Grebe, llp

Call For A Personal Consultation with an Attorney Today
310-776-9028

Keeping your estate plan current is essential

Having an estate plan is wise for those who want to ensure that their wishes for the dispensation of their assets are carried out after their death. With an estate plan, you can also designate who will make decisions regarding legal, financial and health matters for you if you are unable to do these things for yourself.

Business owners should have a particular interest in having an estate plan in place in order to ensure that their business transfers to the person(s) they choose after death and that it continues to run as they would like regardless of what happens to them.

However, just putting an estate plan in place isn't enough. Californians need to make sure that their estate plan is current. If, as we all hope, we have many productive years ahead of us after we draft our estate plan, we will likely need to amend it over the years.

Therefore, it's troubling that a survey of more than 260 entrepreneurs, all successful, found that while nearly all of them have some sort of estate plan (at least a will), 85 percent of their plans were at least 5 years old.

With all of the changes in tax laws, that means that these entrepreneurs' plans weren't as tax-efficient as they should be. Of course, that also means that many of them had changes in their families (such as births, marriages and divorces) that their plans don't reflect. They also don't reflect changes in wealth since the plans were put into place.

No matter the size of your estate or whether you own a business or not, it's essential that you review your estate plan regularly and notify your California estate planning attorney whenever you've had a change that you think could impact your plan.

Source: Forbes, "Most Successful Entrepreneurs Have Out Of Date Estate Plans," Russ Alan Prince, accessed Nov. 03, 2017

No Comments

Leave a comment
Comment Information
Email Us For A Response

Get Started

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location

3424 W. Carson Street
Suite 320
Torrance, CA 90503

Toll Free: 866-661-9751
Phone: 310-776-9028
Fax: 310-542-1588
Map & Directions