Contrary to popular belief, estate planning is a dynamic process that evolves through every stage of life.
Whether you are starting a family, buying a home or planning for retirement, keeping your estate plan current with your life stage is essential. Here are some times when updating your estate plan (or develop one if you haven’t) is a good idea.
Starting a family
When you begin a family, your plan should address guardianship for your kids, naming someone to care for them if something happens to you. You can also establish trusts to manage assets for your children’s future needs.
Career advancement
As your career progresses, your income and assets may grow and evolve. Updating your plan to include retirement accounts, investment portfolios and business interests helps to protect your hard-earned wealth.
Retirement era
When the time to retire approaches, your focus may shift to preserving your assets and ensuring a comfortable lifestyle. At this stage, your plan should reflect your retirement goals and address possible long-term care needs.
Changing health
The aging process can come with new health concerns. Putting your medical care preferences in writing is vital at this stage. Options in Nevada include a living will and a power of attorney for healthcare.
Loss of a spouse
The passing of a spouse can significantly impact your estate plan. Revisiting and updating your plan to reflect your new circumstances and ensure your assets are distributed according to your updated wishes is crucial.
Updating your estate plan through each stage of life helps to ensure it always meets your needs. It’s important to have estate planning guidance as you do this.