When you put your initial estate plan in place, it should be viewed as a starting point. You are covering your bases in the present, but things will invariably change as the years pass.
Family Evolution
An estate plan for a relatively young, single adult is usually going to be simple and straightforward since there is no one relying on you when you are in this situation.
If and when you get married, things are going to change, and a major estate plan revision will be in order. You should discuss the matter with your spouse so you can make mutual decisions that you both feel comfortable with going forward.
It is possible to establish a joint living trust, and this can be a good choice if you and your spouse are going to own most of your valuable property together. If you decide to create separate estate plans, this is certainly possible, and we can explain your options if you consult with us.
When children come along, there is another dimension to consider. You have to name a guardian for the children in a will, and you should make sure that you have an appropriate level of life insurance.
To account for the management of assets on behalf of a minor child, a trustee would be in place if you use a living trust. A testamentary trust is a trust that is embedded within a will. It would be created after your passing, and this is another option that can be used to protect a minor.
The plan should include an incapacity component. A living will should be used to state your life support preferences, and you can add a durable power of attorney for health care to name someone to make medical decisions on your behalf.
If you have a living trust, you can designate a disability trustee to act as the administrator in the event of your incapacity. A durable power of attorney for property can be added to name someone to manage property that is not held by a trust.
When there are further additions to the family, your estate plan will need revisions, and this can also apply to the loss of people that are part of the plan.
Changes in Marital Status
A change in marital status is another major life event that will trigger the need for an estate plan update. If you are getting remarried as a parent, and your spouse-to-be is younger than you are, you may have concerns about the inheritances that you want to leave to your children.
Reach Out if You Need Help Today
If you need assistance with any plan revisions necessary, there is a contact form on this site you can use to send us a message, and if you reach out electronically, we will get back in touch with you promptly.
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