WAEstate

Sacramento Estate Planning Attorney

Call Now: (916) 437-3500

Getting Started
  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube
  • Home
  • Our Firm
    • About Our Firm
    • Meet Our Team
  • Estate Planning
    • Estate and Gift Tax Figures
    • Estate Planning
    • IRA & Retirement Planning
    • LGBTQ Community
    • Legacy Planning
    • Medi-Cal
    • Pet Planning
    • Special Needs Planning
    • Trust Administration and Probate
    • Veteran’s Benefits
  • Elder Law
    • Alzheimer’s Disease
    • Caregiver Information
    • Hospice Care
    • Medi-Cal Planning
    • Nursing Home Planning
  • Communities We Serve
  • Seminars
  • Reviews
    • Our Reviews
    • Review Us
  • Resources
    • Articles
    • Definitions
    • Estate Planning Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
    • Estate Planning Techniques
    • Elder Law Reports
    • FREE Estate Planning Worksheet
    • Frequently Asked Questions
      • Elder Law
      • Estate Planning
      • Estate Planning FAQ’s
      • Frequently Asked LGBTQ Estate Planning Questions
      • Frequently Asked Questions – Elder Law Issues
      • Frequently Asked Questions for Families Without an Estate Plan
      • Medi-Cal
      • Probate and Trust Administration
      • Trust Administration & Probate Frequently Asked Questions
    • Free Seminars
    • Is Your Estate Plan Outdated?
    • Presentations
    • Probate Resources
      • Colfax Probate
    • Veterans Resources
  • BLOG
  • Contact Us

Should You Review Your Estate Plan?

July 30, 2018 by Timothy P. Murphy Leave a Comment

It may surprise you to know that estate planning is not one and done.  Because life, the law, including tax laws and estate planning techniques change, your estate plan may need to change as well to address these changes.  If your estate plan is stale, it may not work.  When an estate plan doesn’t work, it doesn’t do what you want it to do.

Legally Valid, but Not Honored

A stale estate planning documents is likely still legally valid; however,  loved ones may have difficulty having them honored or they may not carry out one’s current intent.

For example, power of attorney documents, especially financial power of attorneys, may not be honored if they are more than a few of years old.  Financial institutions are sometimes concerned that the document may not still be valid so for fear of giving money to someone who is not authorized, they may refuse to honor the document.  In California, a financial institution may legally refuse to honor a power of attorney if it has reason to question it.

One remedy is to sue the financial institution to force it to honor the document, but that’s a hassle and costly in terms of money and time and it may not be successful. In California, a financial institution may legally refuse to honor a power of attorney if it has a legitimate reason to question it.  It’s sometimes easier and more efficient just to have your documents updated.

Your Current Intent

As life unfolds, your family, personal situation, financial situation, and goals may change.  Your estate plan will only work as you intend if it reflects these changes.

For example, if you have gotten divorced, you may not want your ex-spouse to be named in a trusted helper (i.e. trustee, executor, and power of attorney agent) or as a beneficiary in your estate plan, including your life insurance and retirement accounts.

The Current Law

The law is in constant flux and when laws affecting estate planning change, a plan needs to change along with them.  You likely see talk on the news about the federal estate tax, but there are many law changes that don’t make the news.  Only regular estate plan reviews will catch these changes.

If you haven’t had an estate plan review in the last 3 years, consult with an experienced and qualified estate planning attorney.

  • Author
  • Recent Posts
Timothy P. Murphy

Timothy P. Murphy

Timothy P. Murphy is an estate planning and elder law attorney whose practice emphasizes helping people to build, preserve and pass on their wealth. He works with his clients to accomplish their goals while avoiding unnecessary court proceedings and minimizing or eliminating exposure to death taxes.
Timothy P. Murphy

Latest posts by Timothy P. Murphy (see all)

  • Your Estate Plan: Get It Into a Writing or Else - December 7, 2019
  • What Should I Do If I Receive a Crummey Notice? - December 5, 2019
  • Estate Planning for the Single Parent - December 3, 2019

Filed Under: Estate Planning Tagged With: Estate Plan Updates, Estate Planning Review

Other Articles You May Find Useful

Northern California Center for Estate Planning and Elder Law
Your Estate Plan: Get It Into a Writing or Else
Northern California Center for Estate Planning and Elder Law
Estate Planning for the Single Parent
Sacramento estate planning attorney
Is Cryptocurrency an Asset for Purposes of Estate Planning?
Northern California Center for Estate Planning and Elder Law
4 Benefits to Hiring an Estate Planning Attorney
Northern California Center for Estate Planning and Elder Law
Estate Planning in the Divorce Context
Northern California Center for Estate Planning and Elder Law
How to Choose A Trustee

Leave a Reply Cancel reply

You must be logged in to post a comment.

Download our free estate planning Worksheet

Plan For Your Future and Protect Your Legacy Download our Estate Planning Worksheet to get started!
  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

Blog Subscription

  • This field is for validation purposes and should be left unchanged.

Upcoming Seminars

    There are no seminars scheduled at this time. Please leave your name and email and we will let you know when our next one is scheduled.
    • This field is for validation purposes and should be left unchanged.

SACRAMENTO

2277 Fair Oaks Blvd., Ste 320
Sacramento, CA 95825-5599
United States (US)
Phone: (916) 437-3500

ROSEVILLE

3017 Douglas Blvd., Ste 300
Roseville, CA 95661
United States (US)
Phone: (916) 437-3500

MAP

norcalplanners_sidbr_map

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 12:00 PM
footer-logo
  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

The information on this Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Northern California Estate Planning Firm. Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2019 American Academy of Estate Planning Attorneys, Inc.