7 Life Events That May Trigger a Change in Your Estate Plan
Throughout your life, there will be several life events that may cause you to take pause or change the direction that you’re going with certain decisions that you have made. Therefore, it should come as no surprise that there are certain life events that may cause you to change your estate plan. This is something that an experience estate planning attorney can assist you with. With the help of our team, you can have the peace of mind of knowing that your final wishes are seen to.
What is an Estate Plan?
An estate plan is a set of documents and arrangements that outline how you want your assets to be managed and distributed after you die or become incapacitated. An estate plan can include a will, trust, power of attorney, and other legal documents.
A will is a legal document that specifies how you want your assets to be distributed after your death. It can also appoint a guardian for your minor children and name an executor to manage the distribution of your assets.
A trust is a legal arrangement in which a person (the grantor) transfers ownership of their assets to a trustee, who manages the assets for the benefit of the trust’s beneficiaries. Trusts can be used for a variety of purposes, such as avoiding probate, reducing taxes, and protecting assets from creditors.
A power of attorney is a legal document that gives someone else the authority to make decisions on your behalf if you become incapacitated. There are different types of power of attorney, including financial power of attorney and healthcare power of attorney.
An estate plan can also include other documents, such as a living will or advance directive, which specifies your wishes for end-of-life medical care, and a HIPAA release, which allows your healthcare providers to share your medical information with designated individuals.
An estate plan helps ensure that your assets are distributed according to your wishes and that your loved ones are taken care of if something happens to you. It can also help to minimize taxes and legal fees and avoid potential disputes among beneficiaries.
Life Events That Can Cause a Change in Your Estate Plan
There are many life events that may trigger a need to review and possibly update your estate plan. Some examples include:
1. Marriage: If you get married, you may want to add your spouse to your estate plan or create a new plan with your spouse.
2. Divorce: If you get divorced, you will likely want to remove your former spouse from your estate plan.
3. Birth or adoption of a child: If you have a child, you will want to include them in your estate plan and appoint a guardian for them in case something happens to you.
4. Death of a spouse or beneficiary: If a spouse or beneficiary named in your estate plan passes away, you will need to update your plan to reflect the change.
5. Change in financial situation: If your financial situation changes significantly, you may want to update your estate plan to reflect your new assets and liabilities.
6. Moving to a new state: Estate laws vary by state, so if you move to a new state, you may need to update your estate plan to ensure that it complies with the laws of your new state of residence.
7. Change in personal circumstances: If your personal circumstances change, such as if you become incapacitated or develop a serious illness, you may want to update your estate plan to reflect your new situation.
It is important to review your estate plan regularly and update it as needed to ensure that it reflects your current wishes and circumstances.
Schedule Your Appointment to Make Changes in Your Estate Plan Today
If you have experienced any one of these life changes, we encourage you to get in touch with us. Our team is ready to help you to develop a unique estate plan that suits your needs. Reach out to us to book an appointment today!
Call 941-914-9145 to fill out our contact form and we will be in touch to schedule a meeting.
