When Do You Need an Estate Plan: Life Stages and Key Milestones
Estate Planning: A Guide Through Life's Stages
Estate planning is not a one-size-fits-all endeavor. The need for an estate plan can vary depending on your life stage, family situation, and financial circumstances. While it's never too early to start planning, certain life events and stages can serve as crucial reminders to create or update your estate plan. Let's explore when you might need an estate plan based on key milestones in your life.
Life Stages and Your Estate Plan
Marriage, starting a family, approaching retirement, the birth of grandchildren and being in retirement are all normal, happy life stages. Each phase, however, has unique implications for your estate planning journey. Each phase can also serve as a reminder to create or update your plan. You can learn more by reviewing our Estate Planning Guide for Every Life Stage.
Specific Circumstances and Estate Planning
There are other situations that occur in life that should require attention to your estate plan. This could be having a child with special needs, marrying someone who is not a U.S. Citizen, addressing estate planning as an LGBQT+ family, getting a divorce, and more. You can learn more by reviewing our Guide to Specific Estate Planning Circumstances.
Updating Your Estate Plan
Estate planning is not a one-and-done process; it's a dynamic strategy that should evolve with your life. It is important to review on a regular basis (every five years or so) to make sure that your plan is still in alignment with your financial situation and goals. For some ideas about what should prompt you to do such a review, visit When to Update Your Estate Plan.
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How Our Estate Planning Lawyers Can Help
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