Estate Planning: It Changes With Us.

When life changes, so should your estate plan. Updating your estate plan is crucial to managing and distributing your assets in any case of incapacitation or unexpected death. But an estate plan isn’t a one-and-done deal. 

Continuously reviewing your will, trusts, power of attorney, advance directives, and beneficiaries keeps your estate plan protected and your wishes honored.

Whether you are just starting an estate plan or have a preexisting setup, here are a few common life events that warrant a review of your plan.

Protecting Marriage Ownership

Leaving your estate plan alone in a marriage is not only dangerous for you, but for your spouse as well. Updating your estate plan within a marriage legally safeguards asset distributions from being overridden by state law and helps you to:

• Review asset ownership
• Update your will to include your spouse
• Designate beneficiaries 
• Keep medical powers of attorney updated
• Ensure healthcare directives

When relationship status changes, taking these steps provides solid support for you and your partner's future.

Planning As A Parent

Becoming a new parent? We understand the struggle and know what it is like to want what's best for your children. Though it seems morbid to think about now, taking the time to plan for your family’s future doesn’t just protect your assets. It protects your peace of mind. 

Parents should consider updating their estate plan to:

• Set up trusts
• Establish guardians for minor children
• Review life insurance and beneficiaries
• Update healthcare
• Secure financial safety for children

Updating your estate plan to include children plans for the ones who can’t plan for themselves.

Divorce and Dividing Assets

In any case of divorce, it is better to play it safe now before it is too late. Failing to update your estate plan means that assets may transfer over to your former spouse in cases of incapacitation and death. If your estate plan currently names your former spouse, your documents may no longer reflect your personal wishes. 

After a divorce, updating your estate plan can:

• Remove and change beneficiary designations
• Change guardianship status
• Revoke will and trust provisions
• Retitle certain assets
• Select new healthcare

Checking on your estate plan following a divorce solidifies your wishes are up-to-date.

Strategic Retirement Planning

With the extra time on your hands, retirement is the perfect time to update your estate plan. Your lifestyle change may affect your financial, health, and income benefits in ways that make it more difficult to protect in the long run. 

Beyond asset distribution, retirees benefit from updating estate plans by:

• Re-evaluating asset distribution
• Minimizing tax liabilities
• Dodging probate delays
• Reviewing retirement accounts
• Establishing healthcare directives

Adjusting your plan to reflect your current lifestyle and long-term goals after retirement allows you to move forward assured.

With You During Every Circumstance

Life doesn’t wait, so your estate plan shouldn’t either. Milestones such as marriage, parenthood, divorce, and retirement all affect how your assets are managed and distributed.

Our experienced team of attorneys has provided years of solutions to clients that work with their wishes. We handle your legal issues so you don’t have to sweat it. Protect your family, and contact us at Anderson Traylor Edwards today to book a consultation to update your estate plan today!