6 Life Events That Should Trigger You to Update Your Estate Plan

Life has a lot of uncertainties that will force us to reevaluate our entire outlook. Think about all of your assets and possessions — what would happen to them if you were to pass away suddenly? This is a question we often tend to avoid, however, it’s critical that you work with experienced estate planning attorneys in San Diego and have a plan in place so that you can protect your loved ones.

 

Many unique, life-changing events can and will occur, prompting you to rethink the future and make changes to your estate plan. Here are a few examples:

 

Life Event #1 – Marriage
Marriage will always immediately usher in a new era of your life, which will likely include children and other major responsibilities. This is the perfect time to consider updating your estate plan so that you can name your spouse or future children as beneficiaries of your assets.

 

 

Life Event #2 – Divorce
Separation from a spouse or intimate partner will also play a huge role in how you plan your estate. You have to take several things into consideration, including your updated beneficiaries and new power of attorney. Ultimately, you will have to decide whether or not you still want to leave behind funds or assets for your former spouse.

 

Related post: 4 Critical Reasons You Need a New Estate Plan After a Divorce

 

 

Life Event #3 – Newborn Babies
Bringing a little one into the picture obviously changes everything — you now have a small version of yourself that you must look after for some time to come. You should take the time to designate guardians in your will, and at very least get a simple estate plan in place to avoid probate court and designate your trusted people to guide the kids in the event something were to happen to you while they are young. When your kids are grown, you can dive further into planning to distribute your assets the way you see fit with any added complexities or nuances as they apply to your family.

 

 

 

Life Event #4 – Relatives Passing Away
When a close relative passes away and they were part of your estate plan, you should take the time to update it. You may have to name a new Trustee or Power of Attorney — or perhaps you may need to allocate your assets to new beneficiaries. A death of anyone named in your estate plan is definitely a time to open the binder and revisit things.

 

Related post: 5 Easy Ways to Avoid Probate in California

 

 

Life Event #5 – Illnesses

 Unexpectedly falling ill will also make you reconsider your estate plan, especially if your condition is terminal. At some point, you may not be able to make any medical decisions for yourself if you become incapacitated. Before you start noticing changes in your health, you should begin drafting an advanced healthcare directive that allows the person of your choice to make those medical decisions for you.

 

 

 

Life Event #6 – Good Fortune

 You recently took on a new job and tripled your salary, which means that you have a lot more money to manage. It certainly feels good to get ahead in life and achieve financial security, but now you have to protect your assets. An estate plan ensures that you can set aside money and property for beneficiaries whom you trust the most, but as assets change it’s always good that we’re planning in the most tax advantaged way possible.

 

Related post: 7 Estate Planning Mistakes That You Should Always Avoid

 

 

Schedule an Appointment with Our Estate Planning Attorneys in San Diego

 The estate planning attorneys here at Jenkins & Jenkins, Estate Planning Attorneys can begin drafting all the necessary documents that comprise your estate plan. We work with many different clients throughout San Diego, providing Californians with reliable legal services. Schedule an appointment with us today!

 

 Testimonial from Ryan, Satisfied Estate Planning Client 

I had the opportunity to work with Jenkins & Jenkins law firm with regards to building my estate plan. An estate plan is something that can be very complex, but Michael was able to break it down for me to easily consume. Michael was there for every step of the process acting as a guide and assisting me throughout. I trusted Michael with one of the most important parts of my life which is putting my affairs in order if something were to ever happen to me. I’d recommend this law firm to anyone who is working on building an estate plan from scratch or adjusting their existing plans. A big thank you to the team for building a great product.

Michael Jenkins

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