When to Consider an Estate Plan
By Chris Cona, Attorney at Law
Estate planning can be an intimidating task if you are unsure where to start. You may wonder, “Do I need an estate plan?”. It is important for every adult over 18 who is responsible for their own finances to have a will, trust or other estate planning document. Even with few assets there are many benefits of an estate plan, such as protection for your loved ones. If you have taken the first steps and already have one, you may ask if you need to update it. The answer is YES! Changes in your life circumstances can affect your priorities, so your estate plan should adapt to fit those changes. We recommend reviewing your plan every 3-5 years to ensure it still complies with your needs; below are four reasons you should revise it, or have one written if you don’t already.
1 | Marriage or divorce
When your marital status changes, so should your estate plan. Marriage may prompt you to add your spouse, in-laws, or other extended family. After a divorce, you may want to revise each of your estate planning documents to ensure that your assets go to your intended beneficiaries and not to your ex-spouse.
2 | Birth or adoption.
The birth or adoption of a child is a great time to update your will or trust, as most expressly list out your beneficiaries. Revising your estate plan to add a new child reduces the possibility of problems down the road. Additionally, in the event that both parents pass away, it is very important that a legal guardian is designated in a legal document for any child under the age of 18. This prevents the possibility of the child being placed into the court system.
3 | Moving to another state.
Just because you have an estate plan in your home state does not mean that it is legally recognized in other States. Each State has their own laws regarding wills, trusts and other estate plan documents. If you move to another State, have a qualified legal professional review and update your estate plan to ensure that it complies with the new State’s laws.
4 | Purchase of a home.
For most of us, buying a home is the largest purchase we will make. You should ensure that your home will go to your surviving spouse or a family member. You should update the list of assets in your estate plan documents whenever you make a large purchase.
When looking for an experienced estate planning attorney, it is important that they are not only knowledgeable of estate planning and the laws in your state, but also compassionate and understanding of your unique family circumstances. At Cona Law, we know that each person has different needs for their estate plan, and there should be no stone left unturned when it comes to protecting your loved ones. For more information on how our estate planning law firm can help you, visit our Estate Planning page or contact our office by clicking the button below.