• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • Areas We Serve
      • Riverside County
        • Banning
        • Corona
        • Eastvale
        • Hemet
        • Menifee
        • Moreno Valley
        • Murrieta
        • Norco
        • Perris
        • Sun City
      • San Bernardino County
      • Orange County
      • Los Angeles County
      • San Diego County
    • Attorney and Staff Profiles
    • Our Reviews
    • Review Us
  • Elder Law
    • Conservatorships
    • Crisis Planning
    • Estate Planning for the Elderly and Chronically Ill
    • Planning for Long Term Medi-Cal
    • Planning for Veteran’s Aid and Attendance
  • Estate Planning
    • Advanced Estate Planning
      • Asset Protection Lawyer
      • Business Succession Planning
      • California Gun Trust
      • Charitable Planning & Philanthropy
      • Trustee Services
    • Estate Planning Service
    • LGBTQ+ Estate Planning
    • Married Couples Estate Planning
    • Persons with Large Retirement Accounts
    • Pet Planning
    • Special Needs Children
    • Special Needs Trusts
    • Trust Administration
    • Unmarried Couples Estate Planning
    • Unmarried Individuals Estate Planning
  • Probate
  • Will & Trust Contests
    • Conservatorship Contests
    • Probate Litigation
    • Tax Controversy and Tax Planning
    • Trust Litigation
    • Will Contests
  • Resources
    • Riverside, California Elder Law Resources
    • Docubank
    • Downloadable Handbooks
    • Elder Law
      • Elder Law Resources
    • Estate Planning, Elder Law and Tax Law Articles
    • Free Report – Able Account or Special Needs Trust
    • Free Report -Constructing Your Revocable Trust
    • Probate and Trust Administration
      • Bereavement Resources
    • Speaking Engagements
    • Useful Estate Planning, Elder Law and Tax Links
    • Webinars
  • Ask Dennis
  • Webinars
    • Webinar Recordings
    • Upcoming Webinars
  • Blog
  • Contact Us

Inland Empire Estate Planning Attorneys

Sandoval Legacy Group, a division of Holstrom, Block & Parke, a Professional Law Corporation

Connect with us today(855) 513-9876

Text Size A A A
LIVE WEBINARS REGISTER TODAY>>
Home » When Should I Update My Estate Plan?

When Should I Update My Estate Plan?

September 17, 2018Elder Law

Riverside estate planning attorneys

Creating a comprehensive and cohesive estate plan is one of the most valuable gifts you can give to both yourself and to your loved ones. An estate plan that functions as intended will protect your assets and help them grow over the course of your lifetime as well as ensure that your loved ones are provided for in the event of your death or incapacity. If you have an estate plan in place already, you are ahead of the majority of Americans; however, you are not done yet. In fact, reviewing and revising your existing estate plan is just as important as creating the initial plan because an out of date estate plan can wreak havoc on your estate if something happens to you. The Riverside elder law attorneys at Sandoval Legacy Group, A Professional Law Corporation explain when you should update your estate plan to ensure that you, your assets, and your loved ones are protected.

When Should You Conduct a Routine Update?

You should conduct routine reviews of your estate plan at various times over the course of your life just to make sure everything is in place and that no changes are necessary. The time frame between routine reviews is not set in stone; however, most elder law attorneys suggest routine reviews every three years until your children have all reached the age of majority. If you do not have children,  a review every three years until about age 50 is a good rule of thumb. After your children are grown and/or you reach age 50, plan a review every three to five years until you are comfortably into your retirement years. At that point, a review every five to six years may be sufficient unless a life event precipitates a review sooner.

Life Events That Call for an Immediate Review

Certain life events should prompt an immediate update to your estate plan. Among those events are:

  • Marriage – when you marry, you will likely want to include your new spouse in your estate plan. That may include changing the beneficiary designations on things such as your Will, retirement plans, and life insurance policies as well as changing fiduciary positions within your plan. The marriage of a child is also something that could trigger a review because your son/daughter-in-law could now stand to gain control over the inheritance you plan to leave your child.
  • Divorce –one of the most common mistakes people make is forgetting to make changes to their estate plan after a divorce. Failing to update your plan after your divorce could result in an ex-spouse as the beneficiary of your estate assets.
  • Birth and death of beneficiaries or fiduciaries — basically, the death of anyone who is part of your estate plan, as a beneficiary or fiduciary, is cause to review your plan. The birth of a child or grandchild should also be specifically noted in your plan to ensure your beneficiaries are properly identified.
  • Children reach the age of majority – as the parent of minor children you had to protect your children’s inheritance because they could not inherit directly from your estate; however, once all your children are legal adults, you have the option to gift directly to them.
  • A significant change in assets – minor changes should be accounted for in your plan; however, if you buy or sell a business, or valuable asset, you may need to review your estate plan.
  • Retirement – when you retire, you may start withdrawing funds from retirement accounts and selling major assets which should warrant a review of your plan. In addition, if you have not yet considered the addition of Long Term Care Care Medi-Cal planning or planning for Veteran’s Aid and Attendance coverage (if you are a veteran who served during a time of war) to your estate plan, you will want to do so to ensure that you qualify if you need to down the road.
  • Serious Illness – hopefully, your plan is already prepared to handle your incapacity or even a terminal illness; however, if you are diagnosed with a serious illness, a review of your estate plan is always a good idea. If your have not previously engaged in Long Term Care Medi-Cal planning or planning for Veteran’s Aid and Attendance benefits, you may need to engage in Crisis Planning at this stage.

Contact Riverside Elder Law Attorneys

If you have additional questions or concerns about elder law, estate planning or when to schedule a review of your estate plan, contact the experienced Riverside elder lawyers at Sandoval Legacy Group, A Professional Law Corporation by calling (951) 888-1460 to schedule an appointment. Dennis M. Sandoval is the only Certified Elder Law Attorney and Certified Estate Planning, Trust and Probate Law Specialist in Riverside County and San Bernardino County.

 

Have a question? Ask Dennis.
















  • Author
  • Recent Posts
Dennis Sandoval
Dennis Sandoval
Dennis Sandoval is the only attorney in California who has certifications in the three areas of estate planning, elder law and taxation. In 2014, the National Academy of Elder Law Attorneys (NAELA) designated Dennis as a Fellow, an award given to less than 100 elder law attorneys across the United States. He received his Certified Estate Planning, Trust and Probate Law Specialist designation from the California Bar Board of Legal Specialization in 1998 and his Certified Taxation Law Specialist designation in 2000 from the same organization. He is a Certified Elder Law Attorney (CELA), a designation he proudly received in 2004 after meeting all the requirements established by the National Elder Law Foundation (NELF) and the American Bar Association. Dennis has also holds the designation as an Accredited Estate Planner® (AEP) from the National Association of Estate Planners and Councils.
Dennis Sandoval
Latest posts by Dennis Sandoval (see all)
  • 5 Reasons to Hire a Lawyer to Help You Probate an Estate - June 23, 2021
  • How Do I Become My Father’s Guardian? - June 26, 2020
  • 5 Steps for an Executor to Take Control As Soon As Possible - June 26, 2020

Other Articles You May Find Useful

Watching Out for Elder Abuse
Southern California Estate Planning Attorneys
A Guide To Finding A Caregiver
Southern California Estate Planning Attorneys
7 Steps To Prepare for Retirement
Telehealth is problematic for many older adults
When Can I Visit My Loved One in a Nursing Home?
elder abuse
Entertainment Mogul Sumner Redstone Settles Lawsuits Involving Allegations of Elder Abuse

About Dennis Sandoval

Dennis Sandoval is the only attorney in California who has certifications in the three areas of estate planning, elder law and taxation. In 2014, the National Academy of Elder Law Attorneys (NAELA) designated Dennis as a Fellow, an award given to less than 100 elder law attorneys across the United States. He received his Certified Estate Planning, Trust and Probate Law Specialist designation from the California Bar Board of Legal Specialization in 1998 and his Certified Taxation Law Specialist designation in 2000 from the same organization. He is a Certified Elder Law Attorney (CELA), a designation he proudly received in 2004 after meeting all the requirements established by the National Elder Law Foundation (NELF) and the American Bar Association. Dennis has also holds the designation as an Accredited Estate Planner® (AEP) from the National Association of Estate Planners and Councils.

VIEW RECORDED WEBINARS

“How To Create a Peace of Mind Out of Chaos” Recorded Wednesday, September 16 @ 11AM WATCH NOW

Inland Empire Estate Planning Attorney

Inland Empire Estate Planning Attorney

BLOG SUBSCRIPTION

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

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • YouTube

Where We Are

Sandoval Legacy Group, A Professional Law Corporation

See Larger Map Get Directions

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM

Friday by appointment only

Map

4300 Latham St., Riverside, CA 92501
SLG Riverside Office | 4300 Latham St., Riverside, CA 92501  •  Corona | 1897 California Ave., Ste. 102, Corona, CA 92881  •  Newport Beach | 4940 Campus Dr., Ste. A, Newport Beach, CA 92660  •  Temecula | 40810 County Center Drive, Ste. 150, Temecula, CA 92591  •  Riverside | 3780 12th Street, Riverside, CA 92501  •  San Diego | 3110 Camino Del Rio S., Ste. 308, San Diego, CA 92108  •  Vista | 380 S. Melrose Dr., Ste. 347, Vista, CA 92083

  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect To Us

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube
footer-logo

© 2023 Sandoval Legacy Group
A division of Holstrom, Block & Parke,
A Professional Law Corporation.
All Rights Reserved.