Creating an estate plan is an important part of life that helps us prepare for the future transfer of our property. When someone begins making an estate plan, there are a few important things that they need to understand. Drafting an inheritance framework is not easy, so a representative should be sure to meet with one of our legal team members about the unique aspects of estate planning in Rosemead.
For example, a knowledgeable estate planning attorney could teach you how to make changes, manage multiple marriages, or handle unclaimed property. Do not hesitate to seek out this valuable assistance.
How to Change or Adjust an Estate Plan
If someone creates an estate plan but later decides that they wish to alter this framework, they are usually able to do so. For instance, either a living trust or a new will can serve as ways to edit or change a previous estate plan.
If someone recently accumulated a sizeable amount of wealth, they might want to alter their existing plan to account for these new developments. Selling an expensive property, for instance, would leave an individual with substantial new financial assets that need to be handled.
Meanwhile, if family dynamics suddenly change, the head of a household might also want to make some immediate changes. For example, if someone gets married, finalizes a divorce, has a new child, or realizes that their children are becoming more financially independent, they could write a new will that accounts for these shifts in family dynamic.
Actually changing or altering an estate plan can become challenging, since implementing a living trust or authoring a new will has to be done in a rather specific way. Thankfully, a detail-oriented attorney in Rosemead could oversee this process to help an estate representative update their unique estate plan.
The Impact of Multiple Marriages on an Estate Plan
If an individual needs to draft an estate plan that accounts for assets from multiple marriages, the process of doing so might become a bit more complicated. For example, anyone who finds themselves in this situation needs to make sure that they properly arrange for the care of children from previous marriages.
Meanwhile, this person also must account for a couple aspects: making sure that the divorced spouse does not remain attached to the estate plan and certifying that the new partner becomes involved. Drafting documents that accomplish this and adhere to legal standards can be a challenge for anyone new to estate planning, but a seasoned lawyer in Rosemead could answer questions and help a client address these more unique aspects.
How Does Unclaimed Property Affect an Estate?
Unclaimed property refers to assets and expenses that have fallen through the cracks of an estate plan. These items can become challenging because an individual might have to unexpectedly deal with them during probate. However, unclaimed property is usually beneficial because handling it could result in additional value being added to an estate. Common examples of unclaimed property include overpaid utility bills or lost bank accounts that have laid dormant.
Property becomes unclaimed when a bank or other relevant business tries and is unable to contact the rightful heir of the asset. The state then takes over the property and holds it safely. When the state acquires the items, they will usually spend a while trying again to contact the rightful owner by sending notices. At this point, many people realize that they have unclaimed property that needs collection.
If someone in Rosemead receives notice about unclaimed assets, a hardworking attorney could help them collect this property and incorporate it in their estate plan.
Call an Attorney about the Unique Aspects of Estate Planning in Rosemead
If you are navigating the estate planning process and need help understanding some the more challenging or specialized factors, you would likely benefit from retaining a hardworking legal advocate. A lawyer from our firm could assess your circumstances, answer questions, and thoroughly explain some of the more unique aspects of estate planning in Rosemead.
Reaching out as soon as you have a question or encounter a problem is key, so do not hesitate to take the next step. Contact our office today to schedule your initial consultation.