Let’s face it, thinking about planning your estate isn’t exactly a Saturday night out on the town. It can be stressful and, well, a tad morbid. As estate planning attorneys, we encounter many clients who come to us after a problem has already occurred. Often, those problems could have been eased, if not altogether avoided, with some basic estate planning documents. Unfortunately, because our lives are constantly changing, estate planning isn’t exactly “set it and forget it.”
Here are 5 common reasons you may want to visit (or revisit) estate planning:
- You Have a Minor Child
If you have minor children (under age 18), your Last Will and Testament is your opportunity to select a legal guardian(s) to care for your children if you pass away before they turn 18. Additionally, if you become incapacitated while your children are still minors, a power of attorney can designate an agent to use your funds to support the needs of any dependents.
- It’s Been A While Since You Reviewed Your Documents
Think back on your life 10 years ago. A lot can change over a decade. Perhaps you are newly married or have a new child (or children). Maybe your income has gone up or you have retired–the point is, not only do our lives change, but our relationships change, for better or for worse. If you’ve done planning previously and you’ve appointed a family member or friend to act on your behalf in the event of your incapacity, or to wrap up your affairs upon your passing, you want to be sure those individuals are still willing, capable, and sensible choices to act on your behalf.
- You’ve Recently Gotten Divorced
If you have recently gotten divorced, and you have previously done estate planning, you may have provided for an ex-spouse in ways that no longer make sense. You may no longer want your ex-spouse making important health care decisions on your behalf or managing your finances. You also may no longer wish to provide for your ex-spouse in your Will following a divorce. It is important to revisit your estate planning if you are in the process of or have recently gotten divorced.
- You Have Turned 18
Although you may not feel like an adult as you attend your senior prom and get ready to head off to college, when you turn 18, the law says you are an adult. That means mom or dad can’t call up the doctor anymore and manage your health care. If you are injured in an accident while off at college and unable speak for yourself, a health care power of attorney enables mom or dad to communicate with your doctors and make health care decisions on your behalf.
- You Haven’t Done Any Planning Before
If you haven’t done any planning before, you may be leaving things to chance. Without powers of attorney, you may have no control over who makes health care decisions on your behalf or manages your finances on your behalf. If you pass away without a Will, you lose the ability to decide who inherits your nest egg.
When you’re ready to talk estate planning, please contact Jeremy Rachlin or Jared Sands at (301) 656-1177. Or feel free to e-mail Jeremy at jrachlin@bulmandunie.com or Jared at jsands@bulmandunie.com
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