When Do I Need an Estate Plan?

When you begin the estate planning process, it can feel overwhelming to think that you need to plan out your family’s future indefinitely.  You may have a baby or young child right now, and you aren’t sure exactly what they will need as a teenager or young adult.

It’s completely OK to be unsure about the future, but that shouldn’t prevent you from creating an estate plan for your family.  We recommend creating a plan that works for your family today.  

A good estate plan takes into account your family’s situation right now and makes the best possible arrangements for them in your current circumstances.  There are measures you can take to include the possibility of additional children or assets, but don’t let thoughts of the future prevent you from creating a plan that works for your family right now.

A piece of advice from one of my favorite writers, Gretchen Rubin, is, “Don’t let the perfect be the enemy of the good.” That advice certainly applies to the estate planning process. 

Use the information you have today to create the best plan for your family, and reevaluate your plan periodically, especially if your circumstances changes.  

How often should you update your estate plan? 

There is no perfect amount of time to update your estate plan, but you should certainly reevaluate your choices as your circumstances change.  

Changes in circumstances that may require an update of your estate plan include: 

• The birth of another child – while you may have included language that distributes assets or sets up a trust for any children of yours, it’s never a bad idea to take a look at those provisions to make sure everything is correct.  Also, you may want to revisit the guardian designation to make sure that the individual you chose is comfortable handling the addition of another child.

• New property – whether you purchased a home, acquired a rental property, or inherited property from a family member, make sure that your property distribution is current and correct in your Will or Trust documents.

• Death of a family member or friend named in your documents – If a close family member or friend passes away and they were included in your estate plan, you may wish to look at your estate plan to decide whether to make any changes.

• Change in relationship status – If you have recently separated or divorced from your spouse or gotten married, you should review your estate plan and make any needed revisions.  

The good news if you choose Forster Law Firm to draft your estate plan is that we offer free revisions for five (5) years following the date of purchase of your estate plan.