As you advance through life and reach milestones like purchasing your first home, marriage, and growing your family, it’s important to create and maintain an estate plan. An estate plan helps ensure that your assets that you’ve worked hard for will go to the proper people without the risk of becoming tied up in probate court after your passing. In this article, we’ll go through a couple major life events that should prompt you to revisit your estate plan to help ensure it’s accuracy.
Marriage
Matrimony is a beautiful thing that conjoins two people – and their assets – together. Maybe you and your spouse have bought a house together or are moving into one that either of you already own. Perhaps you’re joining your finances or keeping them separately. No matter what the case may be, it will likely be important to include this person in your estate plan. Perhaps they’re your new executor or power of attorney, or maybe you’d just like to make them a beneficiary on your existing assets.
Addition to the family (birth or adoption)
You’ve added another member to the family! Congratulations. At this time, it might be important to add your little one to your estate plan should anything happen to you and or your partner. While they’re under the age of 18, you may consider outlining who their guardian will be, as well.
Moving
Moving, especially to another state or country. Estate law may vary by state or country, so it’s important to discuss any upcoming moves with your estate professional. Additionally, you’ll want to consider the implications of another property in your estate.
Health Changes
If you’ve suddenly found yourself sick or suffering from a chronic illness, the financial ramifications may be the last thing you want to think about. However, if this illness is accompanied by an increased [fatality?] rate, it would be prudent to get your estate in order. If your expected lifespan has changed suddenly, consider taking a second look at who your beneficiaries and such are.
Loss of a Loved One
A death of a loved one can rattle us emotionally. In addition to the burden of grief we feel, it’s in the times proceeding their passing that we may want to re-inspect our estate plan. The death of a beneficiary, executor, guardian, or power of attorney will bring about changes to it.
For more advice, consider seeking the aid of your preferred estate financial, or ask your financial professional if they have someone they can refer you to.
The opinions contained in this material are those of the author and not a recommendation or solicitation to buy or sell investment products. This information is from sources believed to be reputable, but Cetera Advisor Networks LLC cannot guarantee or represent that it is accurate or complete. All investing involves risk, including the possible loss of principal. There is no assurance that any investment strategy will be successful. For a comprehensive review of your personal situation, always consult with a tax or legal advisor. Neither Cetera Advisor Networks LLC nor any of its representatives may give legal or tax advice.
