Many people become uncomfortable when they think about create an estate plan because that means they need to start thinking about their inevitable death. However, without this type of plan, in the event something does happen, their wishes won’t be known or carried out. While it’s reasonable to believe you are more likely to live into your senior years, the fact remains no one knows when an accident or illness may occur that can cause them to leave their loved ones behind unexpectedly. Therefore, it’s important to learn when you should create your estate plan with the help of a qualified lawyer so everything is in line should the worst happen. There are certain points in your life that are the ideal time to create or make changes to your estate plan.
As soon as you are an adult, you are responsible for making sure your estate is handled properly in the event you pass away. At this age, it’s critical to have a living will in place so your family members know your wishes if you become incapacitated. A health care power of attorney and financial power of attorney should also be put in place. These documents aren’t incredibly heavy and should be relatively easy to put together with the help of a qualified attorney.
Marriage or Divorce
When you get married or divorced, it can easily change who the beneficiaries on your policy are and what you wish to be done in various situations. This is why it’s critical to discuss your needs with your estate planning attorney to help you decide which changes should be made and to make them legally so you don’t have to worry about what may happen if the worst should happen.
Another major life event that dramatically changes your estate planning is the addition of children to your family. Because you need to list each of your children separately in these documents, you need to make changes each time another child enters the picture. This will ensure your family is properly protected.
In the end, any time you go through a major life-changing event, it’s important to talk to your estate planning lawyer to ensure you make any necessary adjustments for your own peace of mind.