How To Know When It’s Time To Set Up An Estate Plan

It’s not easy to think about having to create an estate plan. The process forces you to come face to face with uncomfortable thoughts about leaving children and other loved ones behind. However, creating an estate plan is a vital step everyone should consider. Here are six signs it’s probably time you meet with an estate lawyer to make your estate plan.

6 Signs You Should Create An Estate Plan

1. You’re saving money.
Congratulations on taking one of the first steps toward creating financial freedom! But now that you’re saving, you need to think about who will be the beneficiary of these funds – and confirm that through your estate plan.

2. You own property.
Once you buy a home or land, your estate changes, and you’ll need to will the property to a spouse, child, or loved one.

3. You get married or remarry.
If you’re combining assets, you should definitely evaluate your estate and determine what will happen to these assets in the event that one of you should pass away.

4. You have a child.
Whether your first child was recently born, or you’re adding to the family, a new estate plan is a must. In addition to assigning assets to your children, you should also consider guardianship.

5. You inherit money.
If you receive an inheritance or additional funds, you’ll need to update your estate plan to reflect these assets.

6. You get divorced.
During a difficult time like this, it can be easy to forget about updating or creating your estate plan. But when you divide assets, and in particular if you have children, changing the estate to reflect these changes is paramount.

There are many life occasions that will trigger the need to create an estate plan. The best way to go about this process is to act now. Meet with an estate attorney who can help you generate an estate plan based on your current situation, and then as life events occur, update the document.

The law office of Phillip T. Wylkan offers expertise in estate planning and is certified in elder law. Contact us for all of your estate planning needs.