Contact Us

News and Announcements

New Year, New Estate Plan

As the new year approaches, now would be a good time to revisit your local Palm Springs estate planning attorney to update the details of your will or trust. Some things to consider when updating your estate plan include:

Do You Have an Existing Estate Plan?

If the answer is no, then now would be a good time to establish one. You may surprised what you own that may be of value to your loved ones, however, without a will or trust, the fate of your possessions are often left up to the courts, which means they could potentially end up in the hands of strangers. 

Have You Funded Your Trust Completely?

If you are one of the fortunate people who have already established a trust, ask yourself if it is funded completely? It is so common for people to sign their trust then put it away for safekeeping and forget about it. In the meantime, they acquire new assets or sell assets under their own name and never include it as part of the trust.

If all assets are not transferred to your trust, then probate may be required, which defeats the whole purpose of having a trust. In addition, don’t forget to update other changes to your trust or will, such as if you marry or divorce, if the size of your estate changes, if your beneficiaries or fiduciaries change, and if you relocate to another country or state etc. 

Does Your Current Plan Address Your Incapacity?

While a do-it-yourself will is better than having nothing at all, it often does not include a power of attorney for advanced health care directives. In addition, many people fail to update these documents with their estate-planning attorney, which often leads to costly and unnecessary conservative and guardianship proceedings.

For more information on updating your will or trust, contact our Palm Springs estate planning attorneys for a consultation.

Comments are closed.

Palm Springs

Orange County

San Diego

Princeton

New York

Palm Springs
1800 East Tahquitz Canyon Way
Palm Springs, CA 92262
Orange County
650 Town Center Drive, Ste. 1400
Costa Mesa, CA 92626
San Diego
2240 Fifth Avenue
San Diego, CA 92101
Princeton
103 Carnegie Center Blvd., Ste. 101
Princeton, NJ 08540
New York
405 Lexington Avenue, 26th Floor
New York, New York
SBEMP