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When Should I Consider Starting an Estate Plan?
03 Mar, 2024
Estate Planning

When Should I Consider Starting an Estate Plan?

Estate planning is of paramount importance. It involves the distribution of assets and the management of an individual’s estate during life and beyond. Without a well-crafted estate plan in place, one’s assets may not be distributed according to their wishes, leading to potential disputes among beneficiaries. SLG Family Law assists you through every stage of life, including planning for the future. There are certain life events that signify it’s time to devise or review an estate plan. For information regarding your case, call our firm for a consultation.

Marriage

Marriage signifies the beginning of a shared life and combined assets. In the context of such a union, the creation of an estate plan becomes imperative. This plan serves as a protective measure to ensure that the spouse is adequately provided for in the unfortunate event of one’s death. Additionally, a well-structured estate plan designates a responsible party who will be entrusted with the management of assets if an individual becomes incapacitated and unable to perform this role independently.

Divorce

Divorce is another critical life event that necessitates the revision of previously constructed estate plans. Given the dissolution of the marital relationship, it becomes essential to reassess and modify assets and beneficiaries to mirror the altered marital status accurately. This reassessment ensures that the distribution of assets aligns with the individual’s current circumstances and wishes, thereby avoiding potential disputes or misunderstandings.

Birth of a Child or Grandchild

The joyous occasion of the birth of a child or grandchild often calls for an update to the existing estate plan. With the arrival of a new family member, it becomes necessary to make provisions within the estate plan for their care and financial security, especially in cases where they are minors. This addition to the estate plan ensures that the child or grandchild’s needs will be met, ensuring their well-being even in the absence of the primary caregiver.

Purchase of a Home

The acquisition of significant assets, such as the purchase of a home, should trigger the creation or revision of an estate plan. Such a considerable asset forms a crucial part of an individual’s estate, and its inclusion in the estate plan ensures that the property is distributed according to one’s wishes.

The Value of Proper Planning in Each Scenario

In each of these scenarios, proper estate planning is essential. It provides peace of mind knowing that one’s assets will be managed and distributed according to their wishes. It also prevents potential disputes among beneficiaries and ensures that loved ones are cared for after one’s passing.

Now’s the Time to Start an Estate Plan

Having an estate plan is important regardless of one’s age or wealth. Life events such as marriage, divorce, the birth of a child or grandchild, or the purchase of a home often signal the need to create or update an estate plan. Proper planning in these situations is invaluable, ensuring the appropriate distribution and management of one’s assets.

Take the necessary steps to establish or update your estate plan alongside a trusted attorney. SLG Family Law is committed to providing compassionate legal support to navigate the intricacies of estate planning. Schedule a consultation today.

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