Many people wait too long before considering their estate plan. This can make things more complicated than they need to be, and some people never plan their estate, making the probate process difficult for their loved ones. Estate planning doesn’t need to be a morbid and stressful topic. It can actually be an uplifting process that is life-affirming and helps you to plan your legacy. It can also give you peace of mind and confidence that your loved ones will be looked after, no matter what.
If you are unsure of when to begin the estate process or when is an appropriate time to update your estate plan, the following is a breakdown of key life events that warrant an updating of your estate plan.
When you become a parent
Becoming a parent is a cornerstone in your life. Becoming a parent will mean that you will see the world in a different light, and it is likely that your priorities will change. You’ll want to ensure that your child will be cared for as you see fit in the event that you or the other parent pass away. In your estate plan, you can name intended guardians for your children.
When you go through a divorce
Going through a divorce is going to sever the ties between you and the person who was once one of the most important people in your life. Therefore, you will want to update your estate plan towill be set to inherit your assets.
When your relationships change
In life, relationships are constantly evolving. New people may enter your life with whom you want to share your wealth. Updating your estate plan can help you to accommodate these wishes.
If your life circumstances have changed in some way, it is important that you take action toso that you have peace of mind.