ARE YOU PREPARED FOR THESE 5 MAJOR LIFE MOMENTS?
There are some moments in life it’s impossible to prepare for on an emotional level. But when it comes to your finances and estate planning, it is possible to be proactive. An estate planning lawyer can help. Estate planning can help you at all times in your adult life, but you will see the greatest benefit the earlier you begin. Here are five key milestones where estate planning is essential:
1. When You Get Married
Before marriage, you probably only had yourself to think about. Now, you have a partner who may rely on you in some way for support. Even if you don’t provide for their quality of life, you likely would prefer that they receive your belongings, such as your home, car and valuables…or would you?
After you’re married, if you don’t want certain belongings to pass to a spouse if you die, you will need a will to clearly state your wishes. Do you want your parents to receive some of your assets? Once you are married, the law will assume that the vast majority (the first $200,000 and 3/4 of all remaining assets) will go to your spouse, with 1/4 of the remaining assets to go to your parents. You may want everything to go to your spouse, or you may want to take care of a sibling or some other relative- if this is the case, you need to have at least a will to set out your wishes in a legally enforceable way.
There are additional ways an estate planner can help when you’re a newlywed. You can set up power of attorney for each spouse as well as fill out healthcare proxy forms. Make sure you can each make financial and medical decisions for the other in the event of an accident or injury – you’ll be thankful you did if you ever find yourself in a critical situation.
Getting married is a joyous occasion that you may not want marred by long discussions about death and disability, but this is a major life change, and now is the time to talk it out with your new spouse and your estate planner.
2. When You Have a Child
Is there anything more life-changing than welcoming a child into the world? Now you truly do have another human being depending on you for support, and estate planning helps you make sure you do just that.
If you do not have a will, and your children are also the children of your spouse, the law will give everything to your spouse. This tracks what most parents of young children would instinctively prefer- that the other parent has all the resources needed to take care of the children- but it does not necessarily protect your children if your spouse were to later die or remarry and start a new family.
Other questions you will need to answer as you become a parent include who will care for your children if you die? How will your assets be distributed among your children? Comprehensive estate planning includes detailing your wishes, setting up a trust and planning ahead so your family receives as much support as possible in the event of your death.
3. If You Get Divorced
No one goes into marriage with the intention of divorce, but sadly, it’s a reality. Divorce brings a whole range of estate planning questions. Have you changed the name of your account beneficiaries? Would you like to change your healthcare proxy and power of attorney? Should you rename your will executor?
After divorce, you may wish to marry a second time. Again, an estate planning lawyer can help with key issues at this stage. What should a second spouse receive if you die? How will children of a second marriage be provided for? Answer these questions now and save your family hours in probate court and thousands of dollars in lawyer fees.
4. When a Parent Dies
When your parents reach the end of their life, there is a high likelihood that you will be called upon to take over their finances and make their medical decisions. If you and your parents don’t talk about estate planning before they become ill or pass away, it can be very difficult for you to access their accounts and provide the support they need.
What is the correct role for adult children and what are your parent’s wishes? Meeting with an estate planner with your parent beforehand can help you prevent trouble with banks and avoid contention within families.
5. When a Spouse Dies
If you or your spouse were to pass on, are you prepared for all of the imminent financial decisions that will result? Do both of you have at least some immediately liquid assets (like joint savings or life insurance policies) that will help the surviving spouse deal with expenses right away? Working with an estate planner ensures either you or your spouse has a strategy to deal with estate tax and bypass probate.
Why Work with Us
Slnlaw LLC is a full-service estate planning firm that also offers individual services. In other words, we will design a service package that fits your specific needs. We understand no two people are alike, but everyone needs a detailed, knowledgeable estate planning lawyer to navigate the often confusing laws and regulations. Let us help – call today to set up a consultation.
4/21/2019 04:49:44 am
Hi, very nice website, cheers!
9/5/2019 09:49:23 am
That's good to know that you can potentially bypass probate if your spouse passes away and you have pretty immediate financial concerns. My husband and I have been talking about putting together a will now that we have kids, so we should probably do it sooner than later. We'll have to get in touch with an attorney to get all the details ironed out.
1/7/2020 02:05:56 pm
I appreciate that you explained how important it can be to know what our parents want before they die since it is likely that the children are going to be in charge of finances and medical decisions. My parents have been wanting to get their affairs in order just in case something happens but have been having a somewhat difficult time getting everything they need to be done by themselves. I think that if they hire a wills lawyer they should be able to help them with most of what they need to get done.
2/10/2020 11:18:09 am
It made sense when you said that divorce comes with a lot of questions about estate planning, such as potential changes to power of attorney or will executors. My sister told me that she and her husband of two years have grown apart and plan to get divorced later this year. I'll have to give her a call and let her know why it'd be smart to meet with an estate planning lawyer after the fact.
2/11/2020 03:46:54 pm
It's good to know that the law will give everything to your spouse if you don't have a will. My husband and I have a son that we want to leave our house to when we pass away, and we didn't know if we would have to set up a will in order for that to happen. We'll have to look into hiring an estate planning lawyer o help us with setting up our own will.
3/5/2020 02:50:40 pm
It's good that you point out that an estate planning attorney can help you plan where you want your assets to go after you die. I want to make sure my family is taken care of when I die, so I'm considering hiring an estate planning attorney. I'm going to look for a good attorney that offers estate planning services in my area.
4/8/2020 01:45:36 pm
One of my good friends is looking for an estate planning attorney so that she can feel more prepared for the future. It was helpful for me to read writing a will can help figure out where your assets will go and how your young children are taken care of if you pass away. I'll let her know about these benefits and hope she can find an attorney to help her make a will.
4/13/2020 02:26:43 pm
It's good that you point out that an estate planning attorney can help you plan for what will happen to your wealth after you die. I want to make sure my family gets most of my assets, so I'm considering hiring an estate planning attorney. I'm going to look for a good estate planning lawyer in my area to use.
5/5/2020 12:12:30 pm
It's good that you point out that an estate planning attorney can help you make sure that your family is taken care of financially after you die. I want to make sure most of my assets go to my family, so I'm considering hiring an estate planning attorney. I'm going to look for a reputable estate planning attorney in my area to hire.
2/8/2021 02:48:06 pm
It's great that you point out that an estate planning lawyer can help you decide how your assets will be distributed after you die. I'd like to make sure that my children inherit most of my money, so I'm considering hiring an estate planning lawyer this year. I'm going to search for a reputable attorney in my area that offers estate planning services.
2/18/2021 01:56:06 pm
It's interesting that you point out that it is essential to have an estate plan so that you can choose what will happen to your assets when you die. I want to make sure that my kids get most of my money if something bad happens to me, so I'm thinking about hiring an estate planning lawyer this year. I'm going to look for a good estate planning attorney in my area to hire.
3/23/2021 12:51:07 am
I agree that you want to write a will so that your children are provided for if you pass away unexpectedly. My husband and I are really worried about that because our son has severe epilepsy. It would be devastating if something happened to him, so we'll start looking for an estate planning lawyer.
3/29/2021 11:13:08 am
Thanks for elaborating on how estate planning is critical for helping you determine what will happen to your assets after your death. I want my kids to inherit most of my money, so I'm considering hiring an estate planning attorney. I'm going to see if there's a good lawyer in my area that offers estate planning services.
4/13/2021 06:22:21 pm
My sister wants to write her own will but is wondering about whether it's too early or what she should do if she needs to make changes to it later on. Thanks for explaining that one major change that will affect it will be when she has children since she needs to consider whether her children will receive the proper protection if her spouse remarries after she dies or if they also pass away. I'll let her know so she can find an estate planning attorney she can trust who will help her plan everything out and will be available later on in case she needs to make changes.
4/15/2021 03:39:02 pm
Thanks for the tip to deal with questions now so I can save money later on with probate courts. I am sure there will be a loophole somehow. Having an attorney that has experience with probate cases could help a out a ton in these situations.
4/16/2021 03:39:34 pm
Thanks for explaining that an estate planner can help you set up a power of attorney for each spouse after getting married. My brother is planning on getting married this year, and he hasn't put any thought to estate planning. I'll tell my brother to meet with an estate planner so he and his wife can get power of attorney when they are married.
4/29/2021 12:26:12 am
I am grateful that this post mentioned that a divorce will definitely impact our trusts and will. The other day my sister mentioned she is getting a divorce. I will remind her to hire an attorney and a trust planner to settle the arrangement.
5/12/2021 11:29:13 am
I want to make sure that my estate is planned properly, but I don't know how to do it. It makes sense that multiple divorces could make an estate a lot more complicated! It would be a good idea for me to work with a professional to ensure that I do things properly.
5/19/2021 04:24:19 pm
Thank you for helping me to understand what life events can affect an estate plan. When you are approaching all of these events, it would probably be a good idea to consult with an estate lawyer. An estate lawyer would help you understand how these things can affect you.
6/8/2021 08:44:04 am
I liked it when you shared that an estate planning lawyer can help manage your finances of your future. My friend just mentioned the other day that he is worried about his family as they rely on him to provide for necessities. I will suggest to him looking for a reliable estate planning lawyer who can help mange his finances in case he passes away someday.
6/16/2021 02:59:13 pm
My sister has been thinking about planning her estate law because she wants to know where her belongings will go now that she is getting married. Making sure that she can get some help from a professional could allow her to be more secure with her future planning. It was interesting to learn about how they can set up power of attorney for both of them, to make sure that they can take care of the other in a critical situation.
7/5/2021 07:28:00 pm
It really helped when you said that working with an estate planner ensures that we have a strategy to deal with the estate tax. My husband and I are planning ahead for our two kids' futures by investing and saving. I guess we should also look for an estate tax planning expert on Monday who can assist us in making effective plans to secure our children's futures.
7/6/2021 12:30:53 pm
I wouldn't have thought about how your estate would change when you have a kid. The other times are a little more obvious like getting married or there being a death in the family, but I always forget about the impact financially that comes with having a child. This is definitely something my wife and I have to take into consideration when deciding to have children later on!
8/19/2021 11:27:36 am
I want to make sure that I can pass things on to my kids, but I'm not sure how to put that together. It makes sense that I would want to get my estate planned out properly! I'll be sure to work with a professional to make sure that I do this right.
8/31/2021 12:18:39 am
I am grateful that this post underlined that when looking to have estate planning done, it is important that we ensure that they are qualified. It makes sense for us to ensure they are qualified as it indicates that they are qualified. I will definitely keep this information in mind for future references.
10/7/2021 01:45:38 am
I am grateful that this post highlight that when looking for estate planning services, it is important for us to ensure that the attorney is well qualified. The other day my wife mentioned she needs an attorney. I will definitely keep this information in mind.
1/20/2022 04:00:01 am
Thank you for explaining that consulting an estate planner now ensures either you or your husband has a plan to deal with the estate tax and bypass probate. My husband talked to me about having immediately liquid assets. I think we really need a probate attorney so we can plan and prepare for the worst scenarios.
1/21/2022 05:20:38 am
Thank you for explaining that if you and your parents don’t discuss estate planning before they become ill or pass away, it can be tough for you to access their accounts and deliver the support they need. Estate planning is really essential in scenarios like this, but in my case, it's hard to bring it to the table. I think getting help from an estate planning attorney over this matter is also a wise choice.
4/29/2022 10:18:57 pm
I love that you talked that an estate planning could improve your quality of life by planning well. I remember when my father is planning to start his estate planning for his assets, and he asked if I had any idea what is the best option to do. You did a great job explaining the importance of planning, and I'll be sure to consult a trust estate planning lawyer for my future estate planning.
5/25/2022 04:57:14 pm
Thank you for explaining that it's important to work on your estate plan after you have kids. I've been wondering when we may need to get our estate plan amended. I'll be sure to remember this for when we start having kids.
9/13/2022 06:40:38 am
Thank you so much for letting me express my feelings about your post. You write every blog post so well. Keep the hard work going and good luck. Hope to see such a beneficial post ahead tools.
9/16/2022 01:28:56 am
Thanks for helping me understand that the properties will be given everything to the spouse even if you have children when you did not create a will. In that case, I will start looking for an estate planning attorney to help me out its the weekend to finally create a will. I am already in my 40s, and I want to secure my house and name it under my son if I ever pass away unexpectedly.
10/20/2022 05:50:57 am
This article is filled with answers to my ample questions. I am starting a new blog and this article will be a bookmark for my future reference. Thanks for sharing this informative article.
It's interesting to know that having children would also affect the estate plan, since you have another person to support. In that case, I need to tell my husband that we need to talk to an estate litigation attorney to learn about the things we need to prepare for. We just found out that we are pregnant earlier when we tested for it, so it is best to prepare the documents and properties we have to secure it for our child.
11/14/2022 02:49:40 pm
We just found out we're expecting our firstborn, so my wife and I are going crazy with all the things we'll need to prepare before the birth. It's interesting to know how we should consider our estate planning needs if something as big as having a child happens in our lives, so my wife and I will look into this right away. We're grateful for the tips on knowing when it's time to find an estate planning professional.
12/28/2022 04:03:04 pm
I'm glad you said that an estate planning attorney can help you set up power of attorney when you get married. My brother plans on getting married in February, and he talked about how he wants to make sure he gets all of the legal requirements done. I'll pass this information along to him so he can look into hiring an estate planning attorney.
2/7/2023 04:53:48 pm
Thanks so much for warning that if your parents pass, reaching and accessing their financial and other accounts could be very difficult if you were not involved in their estate planning. My partner's grandfather passed recently and it reminded their mom that she needs to update her estate plan t avoid complications when she passes. She's been looking into finding an estate planning lawyer to help her understand everything she needs to update and make informed decisions.
2/13/2023 01:37:03 am
Very informative blog. Simple, effective, and useful too. Continue to enlighten us with your knowledge. Thanks for sharing...
2/15/2023 04:56:45 am
This is a very informative and helpful blog I have read in a very long time. It gives all the right information a person needs to know. I recommend you read this blog.
3/17/2023 08:21:37 pm
I love that you talked about the importance of estate planning consultation for a life support option for your assets. I remember when my brother told me that he was planning to start his will planning for his future retirement plan. He asked if I had any idea what would be the best option to gather property advice. You did a great job explaining the importance of planning, I'll consult an estate planning attorney as they can help with the living will documentation process.
3/20/2023 01:35:35 am
I find it fascinating that an estate plan helps you support your beneficiaries even after death. I heard rumors that my colleague plans to become a father by next year. I think finding a professional family lawyer that can help him prepare a will is a good idea.
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