10 Milestones to Revisit Your Estate Plan
Major life changes warrant a second glance at your estate plan. Many people assume creating a Will or Trust is a one-time task, ensuring your family and wealth are safe indefinitely. And, most attorneys present their services in this light, so it’s no wonder if you’ve adopted this perspective. You collaborate with your attorney, draft the paperwork, stow them in a safe place, and you’re set. Right? However, viewing estate planning this way could leave your family navigating turmoil if an unforeseen event befalls you.
Life is filled with change, with each potentially impacting the efficacy of your estate plan. It’s crucial to maintain an up-to-date plan. To this end, we advise a plan review at least every three years. As I strongly believe in this, I offer my clients free reviews every three years.
Moreover, the occurrence of any of the following ten “Major Life Changes” before your triennial plan review warrants immediate professional advice. Let’s delve deeper into these life events and how they could affect your estate plan, necessitating modifications.
01 | Asset or Liability Fluctuations
Your financial standing is likely to vary with time. Any shift in your assets or liabilities should prompt a re-evaluation of your estate plan. Crucially, every time your assets are altered, update your asset inventory. Regular updates to your asset inventory avert the risk of your family’s ignorance of your possessions or their location.
02 | Business Ventures
If you’ve recently embarked on or exited a business venture, updating your plan is vital. Your business can be a priceless gift to your loved ones—if incorporated correctly into your estate plan.
03 | Welcoming a Child
Incorporating provisions for your child’s welfare and financial future is crucial in the wake of their arrival. Your estate plan should guide your child’s legal guardians about your aspirations for their upbringing.
04 | Child’s Legal Adulthood
When your child attains legal adulthood, it’s time to reconsider their inheritance process and financial management. A Lifetime Asset Protection Trust is a brilliant tool to secure your child’s future and protect their inheritance.
05 | Loss of a Loved One
The death of a family member profoundly affects your estate plan. If the departed was a beneficiary under your Will, Trust, or financial accounts, or if they served in your estate plan, you would need to appoint replacements.
Navigating Major Life Changes: Estate Planning
An estate plan isn’t a one-off task; it should evolve with your life’s changes. As your dedicated Family Lawyer® firm, we stand ready to help you navigate these changes, ensuring your estate plan stays current and effective.
If you’ve encountered a “Major Life Change” or it’s been a while since your last review, revisit your plan. And if you haven’t yet established an estate plan, remember it’s better to plan early than not at all.
To begin, schedule a free 15-minute discovery call to learn about my Family Wealth Planning Session process. We’ll address any changes, and craft a comprehensive estate plan that brings peace of mind.
Remember to tune in next week when we’ll delve into five more life events that should prompt a review of your estate plan.
This article is a service of the Law Office of Aisha M. Williams, APC, serving San Diego, Carlsbad, Escondido, and all of California. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love. That’s why we’ll start you with a Family Wealth Planning Session, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love.
This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.