Having an estate plan is a great way to ensure that you are looking after your future. Guardianships, health care directives, wills and trusts, and appointing a Power of Attorney (POA) all offer ways to ensure that you are protecting your best wishes.
While you may be ahead of the 60% of Americans that do not have a will, it is essential to know that there is more work that you need to do than just creating the plan. Many life events call for you to look back at your plan and adjust things according to the changes in your life. Here is a list of things you should consider if you need to adjust your estate plan for:
Getting married is an exciting time as it means you are entering a new chapter of your life and sharing this experience with someone you love. It also means you should make sure you appoint your new spouse as a POA or guardian if necessary, and they are inheriting the assets you want them to have.
Birth or adoption
Like marriage, adding a new member to your family means you should be sure to include them in your estate planning. You should decide you will look after them for children if you and their other parent should pass on while they are still minors.
Just like when a marriage begins, a marriage ending also means that you should also adjust your plans. If you fail to update your estate plans in time, your ex-spouse may inherit more than you want them to when you pass on.
The sudden gain or loss of a major career can determine what kind of assets you have to give when you pass, and may even who you want to look after your children as well. Additionally, you may also want to change your health care wishes based on new insurance policies from a job change.
When you experience major life events, make sure your plans for the future account for them as well. An experienced estate planning attorney can also help you review your current situation to determine what other considerations you should review in your estate planning.