Life Happens: Update Your Estate Plan

Life is full of unexpected turns. You fall in love, get married, start a family, or unfortunately, experience loss. While these are significant milestones, they also signal a crucial time to revisit your estate plan. Let’s break it down.

Getting Married

Congratulations on finding your forever plus one! But have you thought about updating your legal documents? Marriage can dramatically change your financial picture. It’s the perfect time to either update your will or trust, or, if you don’t have a will or trust, get one. Don’t forget about beneficiary designations on your retirement accounts and life insurance policies.

Going Your Separate Ways

Divorce can be a tough chapter, but this is another essential time to revisit your legal documents. A new will, trust, and beneficiary designations are likely in order. You will likely want to remove your ex-spouse from your health care proxy and financial power of attorney. It’s also important to consider child custody and support arrangements, as well as property division.

Emptying the Nest

Watching your children grow up and start their own adult lives is often bittersweet. Remember, even though your kids may still rely on your guidance and assistance, once they turn 18, they are considered legal adults entitled to certain privacy rights. If your adult children wish to grant you access to academic and medical records, or choose someone to make financial or healthcare decisions on their behalf in case of incapacity, it might be wise to plan ahead.

Family Matters

Losing a loved one is heartbreaking. It's also a reminder of the importance of planning. If you were a beneficiary on their will or trust, you might inherit assets. This could trigger tax implications or changes in your own estate plan. And if your loved one was named in your own legal documents, changes will be in order. 

We Can Help!

Ready to get your affairs in order? We make the process simple and convenient! Start by booking a Peace of Mind Planning Session. We’ll answer your questions, present your options, and discuss our unique flat fee pricing. Then, if we decide we’re a good fit to work together, we’ll take next steps. Mention this blog and we’ll waive the $300 session fee! Book your Peace of Mind Planning Session HERE.