Most people think that you only need an estate plan if you are wealthy. But, that’s not true.
Estate planning, at its most basic, is a road map for your loved ones to follow when managing your affairs on your behalf. It includes how you want your property administered as well what healthcare decisions you want to be made on your behalf.
The time to get your estate planning is now, before you are unable to make these important decisions due to death or disability. Once your estate plan is in place, you can rest assured that all the difficult decisions have been made and your loved ones will be able to manage your affairs for you.
2. Major Life Changes
Once you have your estate plan, it is important to review it when major life changes occur. These life changes can affect the way your affairs need to be managed.
For example, marriage and the birth of a child changes the way you want your property managed and administered. Purchasing a home and obtaining retirement benefits also changes the way your property will be managed.
However, just because these changes occur, doesn’t necessarily mean you have to start your estate planning over from scratch. A lawyer can help you understand how your estate plan can be amended to factor in these changes.
3. Review Every 5 Years
If you’ve had your estate plan in place for 5 years, but haven’t experienced any major life changes, it is best to have an attorney review your estate plan and look for anything that needs updating.
Changes in the law can affect how your property may be managed on your behalf and how health care decisions can be made on your behalf.
Having your attorney review your estate plan can help you avoid problems that arise when the estate planning documents aren’t recent.
https://i2.wp.com/www.guymonlawfirm.com/wp-content/uploads/2012/04/1.jpg?fit=1000%2C650&ssl=16501000Christopher Guymonhttps://www.guymonlawfirm.com/wp-content/uploads/2016/08/Guymon-Law-Firm-Logo-156x176.pngChristopher Guymon2015-10-09 21:40:372017-06-19 15:04:58When Should I Get an Estate Plan in Utah?
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