Having a will and estate plan in place are very important steps toward securing the future of your assets. However, it is almost equally important to update your estate plan in the event of a large milestone or change in your life, such as a divorce or retirement. This article recommends that once a person begins accumulating assets and going through life changes, they should also have an estate plan in place that is continuously kept up to date.
If you’re thinking about getting married and starting a family – it’s important to have financial conversations with your partner. Before you begin having children, it’s important to get a plan in order. Who would you choose to raise your child in the event of your passing? Which of your assets will go to your children? These are tough questions, but it is vital to have these plans in place.
If you’ve recently divorced your spouse, be sure to update your estate plan to reflect this and to change your beneficiary designations. If you neglect to do this, your ex-husband or ex-wife could benefit financially from your death.
Contact Rhodes Law Firm today if you need to reassess your estate plan!