Having an estate plan is incredibly important. Many people put off getting a plan or updating their plan because they don't understand when they should do it or the importance of such things. Here are some of the things you should be aware of with your estate plan.
1. Get It Young
The best time to get your estate plan is while you are a young adult. As soon as you are married, have children, or own property, you should get an estate plan. Although you may feel like you are unlikely to pass away or become physically incapacitated, accidents and tragedies happen, and you don't want to leave your family without a plan.
This is why you should meet with a lawyer as soon as possible to name a guardian over your children, name medical and legal powers of attorney, and decide where your property will go.
2. Update The Plan Every Couple Years Or After Major Life Events
Just because you put together your estate plan in your younger years doesn't mean that you are done. Life has a many changes, and you need to be sure that your estate plan accounts for that. For example, if you have a change in your income, job, more children, a remarriage and any other major life event, you need to talk to your attorney. This will require that you change some of the things in your estate plan so that you can ensure that everything is as it should be.
Even if you don't have a major life event, you should still update your estate plan every year or every couple years. This will help you to ensure that your plan is current with the laws in your state and that the plan still is according to your wishes.
3. Get A New Plan After A Divorce
One thing that many people fail to do is get a new plan drafted after they have a divorce. When you create your estate plan, you will usually do so with your current spouse. Because of the nature of your plan, your spouse will generally act as a legal power of attorney and get the majority of the estate. Even if you divorce, the state may still honor your estate plan unless you change it. This is why you should get the estate plan changed as soon as you start the divorce process.
These are just a couple things that you need to know about your estate plan.
To talk to a professional about estate planning, contact a law firm such as Price & Associates.
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