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When to Update Your Estate Plan
Episode Summary:
In this episode of Estate Planning Beyond the Binder, Brian Chew, Managing Partner at OC Wills & Trusts, discusses the life events that should trigger an estate plan review. Brian explains why changing relationships—not just changing assets—are the top reason for updating trusts, and how failing to review your plan can lead to costly mistakes. From growing children, divorce, and remarriage to outdated AB trust provisions and funding issues, Brian provides practical insights on keeping your estate plan current, effective, and tax-efficient. He also highlights why working with a responsive law firm makes all the difference in ensuring long-term protection for your family.
Key Timestamps:
00:01 – Show introduction
01:15 – Life changes that should trigger an estate plan review
04:20 – Why relationships often matter more than assets in updating a trust
06:30 – Adding or removing trustees, beneficiaries, or backup plans
09:15 – Divorce, remarriage, and new children or grandchildren
12:00 – Risks of letting an estate plan collect dust
15:25 – The importance of properly funding a trust
18:40 – Outdated AB trust provisions and 2012 law changes
22:15 – Amendment vs. restatement: what’s the difference?
26:00 – Why responsiveness and client follow-up are critical in estate planning
29:45 – Final thoughts on maintaining an effective estate plan
About the Show:
Estate Planning Beyond the Binder breaks down essential information about protecting your loved ones and assets through effective estate planning. The show makes estate planning simple and doable for married couples, homeowners, business owners, and anyone thinking about their future. Featuring Brian Chew, founder of OC Wills and Trust Attorneys.
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By estateplanningbeyondthebinderEpisode Summary:
In this episode of Estate Planning Beyond the Binder, Brian Chew, Managing Partner at OC Wills & Trusts, discusses the life events that should trigger an estate plan review. Brian explains why changing relationships—not just changing assets—are the top reason for updating trusts, and how failing to review your plan can lead to costly mistakes. From growing children, divorce, and remarriage to outdated AB trust provisions and funding issues, Brian provides practical insights on keeping your estate plan current, effective, and tax-efficient. He also highlights why working with a responsive law firm makes all the difference in ensuring long-term protection for your family.
Key Timestamps:
00:01 – Show introduction
01:15 – Life changes that should trigger an estate plan review
04:20 – Why relationships often matter more than assets in updating a trust
06:30 – Adding or removing trustees, beneficiaries, or backup plans
09:15 – Divorce, remarriage, and new children or grandchildren
12:00 – Risks of letting an estate plan collect dust
15:25 – The importance of properly funding a trust
18:40 – Outdated AB trust provisions and 2012 law changes
22:15 – Amendment vs. restatement: what’s the difference?
26:00 – Why responsiveness and client follow-up are critical in estate planning
29:45 – Final thoughts on maintaining an effective estate plan
About the Show:
Estate Planning Beyond the Binder breaks down essential information about protecting your loved ones and assets through effective estate planning. The show makes estate planning simple and doable for married couples, homeowners, business owners, and anyone thinking about their future. Featuring Brian Chew, founder of OC Wills and Trust Attorneys.