The short answer is right now is the best time. It’s never too soon to start planning for the future, and even if you already have an estate plan you need to regularly update it to make sure it’s keeping pace with your life.
The estate planning attorneys at Kairos Law Group understand the significance of planning for the years to come, and keeping your estate plan current. Let’s look at some of the moments that can signal when it's time to revisit or begin your estate plan.
Estate Planning Matters When Life Changes
And life is always in flux. Major life events that can have a significant impact on your estate plan include:
Marriage
Getting married introduces a new spouse who may have rights to your assets. It’s important to update or establish your will and beneficiary designations to reflect your new marital status and ensure your partner is adequately provided for.
Divorce
A divorce can drastically change your financial situation and relationships. Revise or set up your estate plan to remove your ex-spouse from any beneficiary designations and update your will to reflect your new wishes.
Birth of a Child
Welcoming a new child means changes to or the beginning of your estate plan. You may want to establish guardianship provisions and set up trusts or other financial arrangements to ensure your child's future financial security.
Changes in Financial Status
Significant changes in your financial situation, like a substantial increase or decrease in income or assets, can mean a review or start of your estate planning. This can help you manage tax implications and ensure your assets are distributed according to your current intentions.
Other Major Life Events
Other life changes can also impact your estate planning, including:
- Death of a Loved One: The passing of someone close to you can significantly impact your estate plan. You may need to update beneficiary designations, adjust inheritance amounts, or consider new guardians for dependents.
- Major Move: Relocating to a different state or country may necessitate changes to your estate plan due to varying legal requirements and tax laws.
- Retirement: Entering retirement often leads to changes in financial circumstances and long-term goals.
- Health Issues: Health changes might prompt you to reassess your estate plan. This could involve updating medical directives, powers of attorney, or adjusting plans for long-term care.
Starting or updating your estate plan in response to these events helps to ensure that your current wishes are protected.
Why Should I Work With Kairos Law Group?
We only work in estate planning, and have created a firm and a process that makes the journey smoother and more client-centered than other traditional offices:
- We have transparent pricing with flexible payment options.
- We are experienced in estate planning and have up-to-date knowledge.
- We offer virtual meetings and flexible scheduling.
- Streamlined processes, user-friendly approach.
- We create tailored solutions fit to your individual needs.
- We’re committed to client-focused education on your options and their implications.
Contact Kairos Law Group Today
Making and maintaining an up-to-date estate plan helps to ensure your wishes are carried out. Your trusted estate planning attorneys in Omaha, Nebraska, and Tampa, Florida, are committed to safeguarding your legacy. Seize the moment. Call us at (402) 922-9424 or fill out our form now.