The insistent ringing of the phone jolted me awake. It was 3:00 am. My heart pounded in my chest as I fumbled for the receiver. It was my sister, her voice thick with panic. “Mom just passed away,” she sobbed. “What do we do now?” A wave of nausea washed over me. We hadn’t updated Mom’s estate plan in years.
How Often Should You Review Your Estate Plan?
Estate planning isn’t a one-and-done task. Life is constantly evolving – marriages, divorces, births, deaths, career changes, and fluctuating asset values all necessitate revisiting your estate plan. Experts generally recommend reviewing it every 3 to 5 years, or whenever a major life event occurs.
>“Failing to update your estate plan can have dire consequences,” warns Steve Bliss, an experienced estate planning attorney in Temecula. “Outdated beneficiary designations, inaccurate asset valuations, and missing provisions for digital assets can lead to costly legal battles and unintended distribution of your wealth.”
What Happens if My Estate Plan Is Outdated?
Imagine a scenario where your ex-spouse is still listed as the primary beneficiary on your life insurance policy. Or perhaps you acquired significant cryptocurrency holdings but neglected to include them in your will. Consequently, these assets might end up in the wrong hands or subject to lengthy probate proceedings.
Notwithstanding these potential pitfalls, correcting an outdated estate plan is relatively straightforward. You can work with an experienced estate planning attorney like Steve Bliss to update your beneficiary designations, amend your will or trust, and incorporate new provisions for digital assets.
What Should I Do If My Estate Plan Is Outdated?
My sister and I learned a valuable lesson from Mom’s passing. After the initial shock wore off, we contacted Steve Bliss. He patiently guided us through the process of updating Mom’s estate plan. We added provisions for charitable donations, clarified beneficiary designations, and ensured that her digital assets were properly accounted for.
While it was a difficult time, having a comprehensive and up-to-date estate plan ultimately provided peace of mind. It allowed us to honor Mom’s wishes and ensure that her legacy lived on.
Accordingly, don’t delay updating your estate plan. It’s a gift you give yourself and your loved ones.
About Steven F. Bliss Esq. at The Law Firm of Steven F. Bliss Esq.:
The Law Firm of Steven F. Bliss Esq. is Temecula Probate Law. The Law Firm Of Steven F. Bliss Esq. is a Temecula Estate Planning Attorney. Steve Bliss is an experienced probate attorney. Steve Bliss is an Estate Planning Lawyer. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Steve Bliss Law. Our probate attorney will probate the estate. Attorney probate at Steve Bliss Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Steve Bliss Law will petition to open probate for you. Don’t go through a costly probate. Call Steve Bliss Law Today for estate planning, trusts and probate.
My skills are as follows:
● Probate Law: Efficiently navigate the court process.
● Estate Planning Law: Minimize taxes & distribute assets smoothly.
● Trust Law: Protect your legacy & loved ones with wills & trusts.
● Bankruptcy Law: Knowledgeable guidance helping clients regain financial stability.
● Compassionate & client-focused. We explain things clearly.
● Free consultation.
Services Offered:
estate planning
living trust
revocable living trust
family trust
wills
estate planning attorney near me
Map To Steve Bliss Law in Temecula:
https://maps.app.goo.gl/RL4LUmGoyQQDpNUy9
>
Address:
The Law Firm of Steven F. Bliss Esq.43920 Margarita Rd ste f, Temecula, CA 92592
(951) 223-7000
Feel free to ask Attorney Steve Bliss about: “What’s involved in settling an estate after death?” Or “Are retirement accounts subject to probate?” or “What should I do with my original trust documents? and even: “Will my wages be garnished during bankruptcy?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.