While there is never a “wrong” time to make an estate plan, there are certain life events that should precipitate you thinking about either creating one, or about revising one you already have in place.
Marriage and Divorce
If you are recently married, or recently divorced, you should certainly look at what estate plan documents you have in place to ensure no revisions are needed. If you do not have an estate plan, you should contact an attorney to discuss your options.
Getting married is often a joyful occasion, but once the hubbub dies down, you and your spouse should sit down and discuss the idea of drafting wills, powers of attorney, healthcare directives, and/or living wills. These documents should always outline your wishes as to what you would like to see happen should you become incapacitated or pass away.
Getting divorced can be a stressful situation, but once the paperwork is finalized, you will want to review any current documents you have and revise them to ensure they fit your new vision.
Children
If you have minor children, your need for an estate plan is heightened. You will need to include directions regarding what you would like to have happen if you and/or your spouse pass prematurely, as well as what you would like to happen to any assets you may own.
If you recently adopted a child, you will want to amend your estate plan to be sure to make provisions for that child as well as any additional children you may have.
Contact an Attorney
An estate planning attorney will be able to help you with important estate planning decisions by presenting options to you and helping you determine what is and isn’t feasible. Contact one today for a consultation.