When Should You Start Estate Planning?
Despite what you might think, you don’t have to be fabulously wealthy to need estate planning services. Since everything you own is considered part of your estate, it’s important to take steps to protect it. Continue reading to learn when to start and update your estate plan.
At Heather Lynn Law, APC in Rancho Cucamonga, our Top Rated Local® estate planning law firm is here to provide the legal expertise you need to protect your estate and provide for your loved ones. Contact us today to get your free consultation.
Once you start a savings account, it’s important to designate who those funds should go to in the event of your death. You may have had a savings account started for you while you were still legally a child. If that’s the case, check if the designated person is someone you still choose now that you are an adult.
Home or Property Ownership
The purchase of your first home or property is a sign that it’s time to create an estate plan. If you were to die without an estate plan in place, your loved ones would be forced to deal with the hassle involved with probate court proceedings.
Marriage or Remarriage
Whether it’s your first marriage or remarriage, the decision to combine assets, no matter how many, is a crucial time to start estate planning. Talk with your spouse to determine what should happen in the event of one spouse’s death, as well as both.
Planning a trip can be very exciting, especially if you want to travel out of the country or for a longer period of time. With that in mind, it is important to make sure you have an updated estate plan in place should something happen to you.
The arrival of your first child and every child after is a reminder to update your estate plan. You need to include guardianship instructions and provide for their financial security.
Inheritance refers to all assets, monetary and otherwise. Update your estate plan each time you inherit anything. Additionally, you can specify how you want your estate to be divided among your loved ones at the time of your passing.
If you are separated, it’s important to meet with your estate planning attorney as soon as possible to update any estate plan you had in place with your former spouse. It may be a hard time to think about dealing with this, but it’s crucial to protect your personal estate and assets.
As new people join the family, whether through birth, adoption, or marriage, you want to remember to update your estate plan to ensure that they are taken care of.
Estate Planning Attorney
The importance of having an estate plan in place should not be underestimated. Whether you have an estate plan that needs to be updated or you need to create one, be sure to contact the law offices of Heather Lynn Law, APC in Rancho Cucamonga to get started with a free consultation today.