10 Life Events That Signal It’s Time to Review Your Estate Plan - Part 1
Perhaps you've believed that drafting a Will or Trust once means your family and assets are protected forever. It’s a common misconception fueled by how many legal services are structured—meet with a lawyer, get documents, file them away, and done. However, this approach overlooks life's twists that can render your plan ineffective when the unexpected happens.
To keep your plan current, we strongly advise reviewing it at least every three years. As part of my commitment to you, I offer complimentary plan reviews every three years.
Moreover, certain life events should prompt an immediate review of your estate plan. Let’s explore ten pivotal events and their implications on your plan:
01 | Changes in Your Assets or Liabilities
Life is dynamic, and your financial situation evolves. Whether you acquire new assets, sell property, or accumulate debt, these changes necessitate updates to your estate plan. Maintaining an up-to-date asset inventory is crucial to ensure your family knows what you have and where it's located in times of need.
02 | Acquisition, Sale, or Launch of a Business
If you've bought, sold, or started a business, your estate plan must reflect how you want business matters handled in your absence. This ensures a seamless transfer of ownership and protects business assets for your future and your loved ones'.
03 | Birth or Adoption of a Child
Welcoming a child into your family is a joyous occasion that prompts adjustments to your estate plan. It’s vital to designate Guardians, create a Kids Protection Plan, and secure their financial future through Trusts or other means. Documenting your wishes for their upbringing ensures continuity in care if you're no longer able to provide it.
04 | Child Reaching the Age of Majority
As your child reaches adulthood, revisit how they will inherit assets and who will manage their finances in case of incapacity. Consider implementing a Lifetime Asset Protection Trust to safeguard their inheritance from potential lawsuits or divorces.
05 | Death of a Loved One
The passing of a family member necessitates updating your estate plan to ensure assets are distributed according to your current intentions. Additionally, appoint new Executors, Trustees, or Guardians if the deceased held these roles.
Planning for Life’s Changes
Your estate plan is a vital tool for protecting your family and finances. However, it's not a static document—it should adapt to life’s changes. As your advocate, I'm dedicated to keeping your estate plan current and effective, providing you peace of mind that your wishes will be honored when your family needs it most.
If you’ve recently experienced a significant life event or it's time for a plan review, don’t delay. Whether you're updating an existing plan or starting fresh, early planning ensures your wishes are clear and your loved ones are provided for.
Begin by scheduling a complimentary 15-minute consultation to discuss your goals and any recent life changes. Together, we’ll create an estate plan tailored to your family’s needs, ensuring your legacy is protected for generations to come.
Plus, don’t forget to return next week when I’ll be discussing five more life events that signal it’s time to review your plan.
This article is a service of Zarda Law, S.C. We do not just draft documents; we ensure you make informed decisions about life and death, for yourself and the people you love. That's why we offer a Legacy Planning Session, during which you will get financially organized and make all the best choices for the people you love. You can begin by scheduling a Legacy Planning Session and mention this article to find out how to get this $750 session at no charge.
