Life changing events and will revision
In the event of your passing, estate planning is important in order to have your wishes followed, while also protecting your loved ones. Having all legal paperwork in place is essential regardless of your financial standing, age, or marital status. Estate planning is a vital part to financial planning for the future.
There are 5 major life events that should prompt you to revise your estate plan as they could have an impact on your estate if left untouched.
- Personal Injury Settlement: This type of settlement is often distinguished from other assets and should be outlined in legal documents. When a victim is awarded a personal injury settlement, it is important to determine how remaining payments (if any) should be provided to your estate. Utilizing an phoenix estate lawyer can help to handle this life changing event in particular.
- Inheritance: If someone passes away leaving you the beneficiary of their assets, you will need to make a plan in terms of how those assets will be distributed in the event of your death.
- Marriage or Divorce: Marital status has a heavy impact on estate planning. Regardless of whether or not you are recently married or divorced, your Will should be reviewed and amended.
- Birth or Adoption of a Child: You will want your child to be included in your estate plan to ensure that they are taken care of after you pass away. Adding them to your estate plan can help to alleviate this concern and ensure that your children are taken care of should you pass away. This should also be revisited when your child gets married.
- Death of a Beneficiary: If the person you identified to either be executor of your estate or, as a beneficiary of assets passes away, you should immediately update you will.
There is more to estate planning than planning for beneficiaries and assets. Estate planning also requires updating if you are impacted by any of the above five life changing events.
Everyone is encouraged to speak with an estate planning lawyer as soon as possible to create the legal documents necessary to protect themselves and their loved ones in the future.