Preparing your estate plan is an important step, but signing those documents is only part of the process. Reviewing your estate planning documents periodically, storing them in a secure location, and keeping them available when they are needed are practical steps that can help ensure that your estate plan continues to reflect your wishes while making it easier for your family or fiduciaries to carry out their responsibilities if you become incapacitated or pass away.
Many people assume that once they complete an estate plan, they never need to review it again. In reality, changes in your personal circumstances, your assets, or the law may make it appropriate to review your documents. Likewise, if your estate planning documents cannot be located when they are needed, administering your estate may become more difficult than necessary.
When Is a Review of Your Estate Plan Appropriate?
Generally, an estate plan is intended to remain unchanged. In fact, the more frequently an estate plan is modified, the greater the likelihood that those changes could later become the subject of questions or challenges, particularly if they occur close to the person’s death. For that reason, individuals ordinarily should not revise their estate planning documents simply because time has passed. Instead, they should review them periodically to determine whether updates are appropriate.
A review may be appropriate when there has been a significant change affecting the estate plan or the people involved in carrying it out. Common examples include:
- An intent to change a trustee, executor, agent, or other named fiduciary.
- An intent to change gifts made under a trust or will.
- An intent to change beneficiaries.
- The death of a named trustee, executor, agent, fiduciary, or beneficiary.
- The loss of an asset specifically gifted under a trust or will.
- A substantial change in the financial or personal circumstances of a fiduciary or beneficiary.
- A substantial change in your assets.
- A significant change in the law.
Not every change in circumstances requires replacing your current documents. In many situations, reviewing the documents simply confirms that they continue to accomplish their intended purpose. When questions arise, consulting with an attorney may help determine whether any revisions are appropriate.
Example
A Change in Family Circumstances – Several years after signing a trust, an individual welcomes a grandchild into the family. Rather than assuming the estate plan still reflects current wishes, the individual schedules a review to determine whether any updates are appropriate.
When Should Estate Planning Documents Be Updated?
Reviewing your estate plan does not necessarily mean you need to change anything. In many cases, a review simply confirms that the existing documents continue to reflect your wishes and remain appropriate under your current circumstances. However, when a significant life event or change in circumstances occurs, updating one or more estate planning documents may be appropriate.
Examples of events that may warrant updating estate planning documents include:
- Marriage or divorce.
- The birth or adoption of a child or grandchild.
- The death or incapacity of a trustee, executor, agent, or beneficiary.
- A substantial change in your assets or financial circumstances.
- The sale or acquisition of significant property.
- A move to another state.
- Significant changes in California or federal law that affect your estate plan.
Not every life event requires a new trust or will. Sometimes a single amendment, a change to a fiduciary appointment, or no change at all may be appropriate. The purpose of a review is to determine whether your estate planning documents continue to accomplish your objectives—not to revise them unnecessarily.
Example
An individual prepares estate planning documents naming a sibling as successor trustee. Ten years later, the sibling develops health issues that would make serving as trustee extremely difficult. Rather than replacing the entire plan, the individual reviews the documents with an attorney and determines that updating the successor trustee designation is appropriate while leaving the remainder unchanged.
Do You Need to Update Estate Planning Documents After Moving to California?
One of the most common questions people ask after relocating is whether they need to replace their existing documents simply because they moved to California. In many cases, the answer is no.
People who properly execute estate planning documents in another state often find that those documents remain legally effective after a move to California. However, because California law differs from the laws of other states, a review may help determine whether the documents continue to accomplish your objectives and whether any updates would be beneficial.
A post-move review also provides an opportunity to evaluate whether your estate planning documents continue to work together as intended. For example, the review may identify changes in asset ownership, beneficiary designations, or fiduciary appointments that should be addressed to maintain consistency throughout the estate plan.
Example
A couple creates their estate planning documents while living in another state and later retires to California. A review of their trust and other planning documents revealed them to be legally effective. However, one of the named fiduciaries has passed away. They also determine that they should evaluate the recently acquired California property to ensure its title remains consistent with their overall plan. Addressing those issues before incapacity or death may help simplify future trust or probate administration.
Where Should Estate Planning Documents Be Kept?
Preparing estate planning documents is only one part of the process. Those documents should also be stored in a secure location where they are protected from loss or damage while remaining reasonably accessible when they are needed.
Many people choose to keep original estate planning documents in a home safe, a fire-resistant document safe, or another secure location. Others also provide copies to their attorney or retain electronic copies for reference. Regardless of where a person stores the originals, the individuals responsible for carrying out the estate plan should know the documents exist and understand how to locate them if necessary.
If family members or fiduciaries cannot locate estate planning documents when they need them, trust administration or probate administration may be delayed while they determine whether documents exist or locate the originals.
Example
After a person’s death, the successor trustee knows that planning documents were prepared several years earlier but cannot locate the originals. Family members spend considerable time searching through personal records before contacting the drafting attorney for assistance. Simply informing the successor trustee where the decedent stored the documents could have helped avoid that delay.
Why Maintaining Estate Planning Documents Matters
Estate planning documents provide guidance during incapacity and after death. However, those documents are most effective when they continue to reflect your wishes, can be located when needed, and remain consistent with your overall plan.
Periodic reviews can help identify changes in circumstances before they create practical issues for the individuals responsible for administering your estate. Likewise, storing these important documents in a secure location and making sure the appropriate fiduciaries know where to find them may help avoid unnecessary delays when trust administration or probate administration begins.
These practical steps cannot eliminate every issue that may arise during estate administration. However, they may help ensure that the people responsible for carrying out your wishes can begin the administration process with the information they need.
Key Takeaways
- Periodically review your estate planning documents.
- Significant life events, changes in assets, changes in fiduciaries, and a move to California may make changes appropriate.
- Documents prepared in another state often remain legally effective after moving to California, but a review may determine whether updates are advisable.
- Store original documents in a secure location where they can readily find them when needed.
- The individuals responsible for administering your estate should know where you store the original documents.
- Maintaining your estate plan may help make trust administration or probate administration more efficient.
Frequently Asked Questions
How often should I review my estate planning documents?
There is no fixed schedule. Many people review their estate planning documents after a significant life event, such as a marriage, divorce, the birth of a child, a substantial change in assets, the death of a named fiduciary, or a move to another state. If no significant changes have occurred, a periodic review may still help confirm that the documents continue to reflect your wishes.
Do I need to replace my estate planning documents after moving to California?
Not necessarily. Estate planning documents that were properly executed in another state often remain legally effective after moving to California. However, California law differs from the laws of other states. Reviewing those documents with a California trust and estate attorney may help determine whether updates are appropriate.
Where should I keep my original estate planning documents?
You should generally keep original estate planning documents in a secure location that protects them from loss or damage while allowing reasonable access when needed. The individuals you have nominated to act on your behalf should know where the original documents are located.
Should my successor trustee have a copy of my estate planning documents?
The answer depends on your circumstances. Some people provide copies of certain estate planning documents to their successor trustee or other fiduciaries. Others simply make sure those individuals know where they store the original documents and how to obtain them if necessary.
Contact Tustin Law Group, APC
Whether you recently moved to California, experienced a significant life event, or simply have not reviewed your estate planning documents for many years, a periodic review may help determine whether your existing documents continue to accomplish your objectives.
If you have questions about estate planning documents, trust administration, probate administration, or other trust and estate matters, the attorneys at Tustin Law Group, APC can evaluate your circumstances and explain your legal options under California law.
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