When Should I Make an Estate Plan?
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.
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.
The Keller Law Firm is located at 28005 Smyth Drive in Valencia. For more information, please call 661-291-1631 and visit www.kellerlawfirm.com.
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