Clients come in to speak about estate planning during different phases of their lives. I regularly meet with clients who are young parents wanting to make sure someone will take care of their children if both of them were to die. I also see clients who have children who are now adults, living on their own, who want to ensure that their estate is protected from the probate process. Some clients will come in after a divorce or loss of a spouse, needing to update their beneficiary designations or trustee choices. Regardless of what the reasons may be, the fact is that life is always changing, and your estate plan needs to change with it.
I often hear from individuals who are younger with few assets that they do not need an estate plan, but that statement could not be any further from the truth. While you may not own a great deal of money, you still need certain important estate documents prepared so that your loved ones can help you in the event of your incapacity. Without a power of attorney or healthcare power of attorney, your family will need to pursue a conservatorship, guardianship, or both to make medical or financial decisions on your behalf in the event you cannot speak for yourself. A living will also allows you to say what end of life decisions you want made, sparing your loved ones from having to make these decisions yourself. Lastly, at the very least, every individual needs a last will and testament, describing what will happen to your property upon your death and designating who will be handling your affairs.
As soon as children enter the picture, the need to set up a financial foundation for your children in the event you are no longer here is extremely important. Determining who will take care of your children for you is just as important. Estate plans tend to change over time when it comes to guardianship for your children. Who you selected to take care of your children while they are infants or are very young may differ vastly from who would take care of your children as they grow into their teen years. At this point, you may also wish to change your estate plan to a revocable trust so that you can structure how your children will receive their shares of your estate over time.
Estate plans change throughout life’s ups and downs, including births, deaths, marriage, divorce, or remarriage. You may move to a new state with a whole new set of probate laws, requiring you to redo your estate plan to conform with that specific state. As you age and get closer to retirement, your estate plan will also need to change with your own needs. It is important to maintain a relationship and connection with your estate planning attorney and financial advisor to ensure that your plan remains relevant and accurate to your current life situation. By failing to update your estate plan when life throws you changes, your are putting your loved ones in a precarious situation that could end up with results you never intended.
At Sullivan Law, we offer estate planning packages at a flat and reasonable fee. We also offer free consultations to discuss what your needs are, what you would like to do, and how that can be best accomplished. Everyone’s needs are different, and your wishes should be clearly listed and understood.
Call us at 248.917.1351 or email at asullivan@sullivanlawonline.com to schedule your free consultation today. We look forward to working with you!