ESTATE PLANNING: CRITICAL FOR EVERY CHAPTER OF LIFE
Young & Growing Families
Estate planning is often not front-of-mind for young adults, but as your family grows there are important considerations and protections that estate planning can help with. For example, a will can nominate a guardian for your children if both parents pass. You may also want to establish a trust to ensure protection of your financial assets until your children reach a certain age. An estate planning attorney can help guide you through each of these decisions, the considerations that go along with them, and can help establish an estate plan that gives you peace of mind and allows you to keep your focus on your family.
Family Changes – Divorce, Remarriage, Adoption, etc.
If you have recently experienced a divorce, remarriage, adoption, or other change to your family unit, an estate plan update may be critical. Intestacy laws (which govern how your estate is administered if you die without a will) are not designed to factor in divorce, remarriage, stepchildren, adoptions, etc., so it’s important to be specific and take control of your own affairs. An estate planning attorney can help you re-assess your end-of-life decisions and plans so that your estate plan accurately reflects your changing circumstances.
Revisiting and Refining Your Estate Plan
Unfortunately, an estate plan doesn’t always age like a fine wine – it deserves a periodic check-in to ensure it remains an accurate depiction of your wishes. There are a number of events which occur throughout your life that may not seem significant at the time, but which warrant revisions to your estate plan. Are your children – who were minors when the will was drafted – now adults who you want to serve as your personal representative? Did you acquire a family cabin or vacation property that you want to keep in the family? Has your wealth increased such that estate taxes now need to be considered and planned for? Do you have a child or spouse with a disability or who receives financial assistance and whose eligibility for that assistance needs to be protected? Do you have grandchildren who you wish to leave an inheritance to? Is there a charity or other organization that has become of particular importance or significance to you? These are just a handful of reasons why you might want to revisit your estate plan and work with an attorney to ensure it remains accurate and true to your wishes.
No matter what stage of life you are in, an estate planning attorney can be a critically important resource to give you and your loved ones peace of mind and help guide you through these important end-of-life considerations. Reach out to one of the experienced estate planning attorneys at Blethen Berens and we will stand beside you, providing legal excellence and personal commitment as you navigate every chapter of life.