The biggest misconception about estate planning is that it is only for the elderly or rich. No matter your age or wealth, estate planning is crucial. You want to make sure everything you own is consistently accounted for and that you have your affairs in order. An experienced estate planning attorney can help you decide what type of plan is best for you.
Below are very common life events that warrant prioritizing (or updating) your estate plan:
- Change in Marital Status. While many couples combine their assets, estate planning is critically important in situations where individuals have their own assets or children from previous relationships. It is vital to update your plans if you get married, become widowed or divorced since your marital status can impact essential parts of your estate plans, such as your beneficiaries and who will have legal authority to make financial and medical decisions on your behalf should you become ill.
- Property Ownership. When you purchase a home or any other real property, you want to be sure that it is considered in your estate plan. Consider who you would want to inherit your property.
- When you have Children. While estate planning is important for all people, it is even more crucial when there are minor children involved. Think about your children's financial security and who will take care of them should anything happen to you. Remember to update your estate plan after the birth of each child.
- Relocating. Laws vary from state to state. Be sure to consult with an experienced attorney in your new state and update any existing plans to ensure they are in compliance with the applicable laws.
- Substantial Change in Assets. If you receive a substantial inheritance, assets, or property, be sure to account for it in your estate plan.
- Health Issues. Estate planning includes making critical decisions regarding your medical care, such as advanced directives. This will ensure that your wishes are followed in the event you are unable to communicate your desires yourself.
It is never too late or too early to start thinking about your estate plan. At any stage of life, working with the right probate attorney will provide you with peace of mind and make life's transitions easier and less stressful for your loved ones in the future by avoiding issues related to Probate. A qualified estate planning attorney can help ensure your planning needs have been met and that all documents have been properly executed.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.