Creating a comprehensive estate plan is a collaborative effort between you and your attorney. Because laws related to Wills, trusts, and estates are complex, state-specific, and subject to change, maintaining an open and proactive relationship with your estate planning attorney is essential. With that in mind, the Los Angeles attorneys at Schomer Estate & Wealth Advisors offer 10 steps to help ensure that you create and maintain a successful estate plan.
- Build a Long-Term Relationship with Your Attorney. Establishing a lasting relationship with your estate planning attorney fosters a deeper understanding of your values and goals. This continuity can lead to more personalized and effective planning over time.
- Disclose All Relevant Information. Concealing assets or information can hinder your attorney’s ability to create a comprehensive plan. Full disclosure ensures that all aspects of your estate are considered and protected within the legal framework.
- Promptly Report Life Changes. Significant life events such as marriage, divorce, the birth of a child, or acquiring substantial assets can impact your estate plan. Inform your attorney of these changes promptly to ensure your plan remains aligned with your current situation.
- Maintain Organized and Current Records. Accurate and up-to-date documentation of your financial assets, liabilities, insurance policies, and property holdings is crucial. Organizing these records facilitates a smoother planning process and ensures that your attorney has the necessary information to develop a plan that reflects your current circumstances.
- Select Fiduciaries Carefully. Choosing the right individuals to serve as executors, trustees, or agents under Power of Attorney is critical. Discuss these choices with your attorney to ensure they are well-suited to carry out your wishes and understand their responsibilities.
- Communicate Transparently. Estate planning often involves discussing sensitive topics such as family dynamics, health issues, and personal values. Being forthright with your attorney allows for the creation of a plan that truly represents your intentions. Remember, the attorney-client privilege ensures that your disclosures remain confidential.
- Consider Professional Advice Seriously. Your attorney’s recommendations are based on legal expertise and experience. If you have reservations about certain advice, initiate a discussion to understand the rationale behind it. Engaging in open dialogue can lead to a plan that aligns with your comfort level and legal requirements.
- Recognize the Need for Updates. Certain events necessitate immediate revisions to your estate plan. For instance, if you experience a major health diagnosis or a change in financial status, contact your attorney to update your plan accordingly.
- Schedule Regular Reviews. Estate plans should be revisited periodically to accommodate changes in laws and personal circumstances. In California, it is advisable to review your plan every three to five years, or more frequently if significant changes occur.
- Communicate Your Plan to Loved Ones. While it may be uncomfortable, discussing your estate plan with family members can prevent misunderstandings and conflicts after your passing. Transparency can ease the administrative process and uphold your intentions.
By actively participating in the estate planning process and maintaining open communication with your attorney, you contribute significantly to the creation of a plan that effectively preserves your legacy and provides peace of mind for you and your loved ones.
Do You Have Questions about Any of the 10 Steps to Help Ensure a Successful Estate Plan?
For more information, please join us for an upcoming FREE seminar. If you would like assistance with any of the 10 steps involved in creating and maintaining a successful estate plan, contact the experienced Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors by calling (310) 337-7696 to schedule an appointment.
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