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 might be in order. You will likely want to remove your ex-spouse from your health care surrogate designation and financial power of attorney. It’s also important to consider child custody and support arrangements, as well as property division.
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.
Tackle Life Changes with a New Estate Plan
Take the first step towards peace of mind by booking a Peace of Mind Planning Session with Attorney Candice McPhillips. This is a 1-hour Zoom meeting where we will review your questionnaire, answer your questions, and present my flat fee packages! If we decide we’re a good fit to work together, we’ll take next steps. And if not, that’s fine too! Book your Peace of Mind Planning Session HERE. Mention this blog and I’ll waive the $450 session fee!
PS - Like what you read? Send this blog to a friend!
This article is not intended to provide legal advice or opinion and should not be relied on as such. Legal advice can only be provided to clients of McPhillips Law in response to a specific fact situation.
