If you already have your estate plan in place, this is a good time to review your plan to make sure it is current? Have there been any big changes in your life? A marriage, divorce, birth or death? If so, it’s definitely time to update your estate plan. If there haven’t been any big changes, it is always good to make sure you still agree with the decisions that you made when you originally created your plan.
If you don’t already have a plan, there is no better time than now to create one!
What is an estate plan?
At its most basic, your “estate” includes the things that you own and the things that you owe. Your “estate plan” is what you want to happen to those things in the event of your death or incapacity.
I like my clients to think of their estate plan as a map of how to take care of the big things in their lives. These things are:
- who will take care of your children (guardians)
- what money will your family live on? (life insurance)/
- Retirement Assets (401(k), IRA, etc.)
- Finances (bank accounts, bills, etc.)
- Health Care
By working with an estate planning attorney, you can ensure that these “big things” in your life are coordinated and you have systems in place to make sure that in the event of a major issue (illness or death) the big things in your life transition with as little hassle as possible.