The need for an estate plan is not so much dependent on your age but on life events. Here are a few key events that may trigger the need for an estate plan or a change in an existing plan.
1. Marriage or Divorce – After marriage, a couple may want to consider designation of a spouse as a health care agent and the distribution or division of joint property on death.
After a divorce, the distribution of separate property and the designation of new trustees and health care agents should be addressed in a new estate plan.
2. Children – A birth or adoption of a child will change the distribution of an estate and should be addressed in a revocable trust or will. Legal Guardians should also be named for minor children.
3. Change In Assets – Buying a home or business, and inheriting money or property are all events that may necessitate the need for a new estate plan or a change to an old one. A revocable trust may need to be updated to address estate tax issues or a buy-out agreement for a business.
If you have any questions about revisions to an existing estate plan or the preparation of a new estate plan, contact us at www.kellerlawfirm.com.