It’s true that everyone needs to have an estate plan. A lot of people put it off because they think they can just do it later, but it’s actually wise to get your plan in place as soon as you can.
That said, a lot of life events can tell you that it really is time for you to start that plan if you haven’t done so already. Moreover, if you already do have an estate plan, then some of these same life events mean that it’s time to update it or at least go over it and make sure it still works for your family.
Examining key life events
Everyone’s life is different and you may experience some, none or all of the things noted below. Always trust your gut and review your estate plan if you think it’s time, regardless of this list. However, this can at least help you know what types of things you should look for. Reasons to make or update an estate plan include:
- The birth of a child
- Getting married
- Getting divorced
- Inheriting assets from your parents
- Buying or selling major assets
- Seeing a large financial windfall
- Becoming ill or being diagnosed with a disease
- The birth of a grandchild
- The sale or acquisition of a business
Essentially, any time that your assets or debts significantly change, or when there are major changes to the composition of your family, then you need to make sure that your plan fits perfectly. As you do this, take the time to consider all of the different legal options at your disposal.