Aron Estate Planning, PC
Aron Estate Planning, PC
  • 2358 Market Street,
    San Francisco,
    California 94114
  • Call Now For A Free Initial Consultation

    (415) 570-9809

You should always review and update your documents when you have changes to your life. By that, I mean if you have a birth of a child or the death of a child or a spouse, if you purchase or sell property, if you’re retiring, changing your careers, moving, or if you have developed any health issues.

Ideally, you would take out your Estate Plan every year and read through the documents because, at that point, you’ll see if you need to update them. This doesn’t mean that you need to talk to your attorney every year, but the more familiar you become with your documents, the more easily you’ll see, and the more quickly you’ll know if you need to make any fundamental changes.

I reach out to my clients on the first and third anniversary of their signing. That’s because the first anniversary, they’ve had a little time to think about the plan they wrote and maybe they want to make changes. The third anniversary is when things may have changed in their lives. After that, it depends on the client’s situation. The older the client, the more often I think that they should review their documents. As your children go from being children to being teenagers to being young adults, those different ages may require different estate plans that maybe you weren’t thinking of before. You might want a separate Guardians for an older child and a younger child, or you may realize that your child has special needs that you did not know about when they were babies. If you have grandchildren, you might also want to take the opportunity to review the documents or make changes to take care of them.

When you’re reviewing your estate planning documents, you should also talk to people who are going to be Trustees, Executors, Guardians and even beneficiaries. The reason for this is that their lives can also change. Someone can be nominated as an Executor, and then ten years later they can’t take on that responsibility. Someone may no longer want to be a beneficiary and another person may need more help than they once did. Sadly, a beneficiary may pass away or become estranged and your gift to them may no longer be appropriate. There are so many moving parts to an estate plan, but I think the most important thing is to know what your plan is and talk to the people who are closely involved.

Is There Something That You Keep An Eye On For Your Clients When It Comes To Changes In Estate Planning Laws?

There is one final reason people should review their estate plans – changes in the law. One example is the United State Tax Code. Currently, the federal estate tax does not kick in until you have more than $11.6 million in assets. This made it possible for many people to stop worrying about paying estate taxes, but it will not last forever. Currently, the threshold amount will drop to less than $6 million in 2026. That’s a significant change. If you’re in that category, where the difference between those two means the difference between paying and not paying taxes, I think it’s important to review your information.

If you are reviewing your plan on a regular basis then we will be able to discuss changes that have occurred and any that are on the horizon. Even if you are not on my schedule, when something important like that comes up, I will inform my clients of changes and help them become more knowledgeable. Many people are afraid to speak with their attorneys because they’re afraid they’re being billed by the minute, which I do not do. My work is done for a flat rate that is set at the beginning of our work. I charge flat rates, so when people have questions, they call me, and I can respond and take time to talk to them. I want my clients to feel that they can ask questions as they need to. Maybe they don’t need an appointment at that juncture, but I want them to know what’s happening, and I want them to be encouraged to reach out to me.

It’s amazing how complicated the tax system is and how things work after someone dies. I don’t think very many people think about it, and then, when it hits them, it makes a challenging time even harder. I want to make it so that people understand what’s happening and have some control over it.

For more information on Estate Planning In California, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (415) 570-9809 today.

Elizabeth Aron, Esq.

Call Now For A Free Initial Consultation
(415) 570-9809