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Erickson, Attorney The saying that the only constant in life is change, is as applicable to estate-planning as it is to any other aspect of your life. There is no doubt that as time goes on change will occur in your life.
Here are 4 tips for how you can prepare your Estate Planning to deal with the changes in your life. There are certain changes that everyone can expect. For example, if you are a parent, it is more than likely that your children are going to go through the normal stages of life.
These include being a baby, a toddler, a teenager, a young adult, and then a legal adult. Knowing that each of these stages are going to occur allows you to prepare for each one. This way you are not necessarily required to make a change to your estate planning when your children go through each of these stages.
What are some ways you can use your Estate Planning to prepared for each of these stages? Anytime you are dealing with minor children it is wise to have a guardianship named in your state planning.
This does not necessarily change when a person becomes an adult. This could be the birth, the death, or the moving away of a loved one.
It could also include you moving away to a different area, or someone you have named as a fiduciary in your estate planning deciding that they are no longer capable of handling that responsibility. By being aware of these other unexpected changes you will recognize them when they occur which leads to the next tip.
For example nobody plans on being divorce when they become married. However, this commonly occurs. By being aware of this, if you were to be divorced you would know that this has a direct impact on your estate plan.
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|7 Small Ways To Make Big Changes In Your Life | HuffPost||R — Relevant or Rewarding. T — Time-bound or Trackable.|
|The people you love most end up bearing the brunt of your failure to act.|
By being aware of this you are capable of moving on with step 4 below. In the example above, dealing with divorce, this would definitely require a change in your estate planning. The reason for this is that most people name their spouse as their personal representative, and also to hold a power of attorney for them.
If you have this sort of the state plan, and then become divorce, you will likely no longer want to have your ex-spouse hold these positions of responsibility. I often tell my clients that if there is a birth, death, a divorce, if someone has moved away, or if there has just been the passage of a good deal of time, it is wise to pull out your estate plan and see if there are changes that need to be made.
If you have questions or concerns about your estate planning, we can help. Call us toll free at or for a free consultation with Lane Erickson and the Racine Olson team of Estate Planning attorneys in Idaho.
You can also email Lane Erickson directly at lve racinelaw. This website includes general information about legal issues and developments in the law.
Such materials are for informational purposes only and may not reflect the most current legal developments.Jul 14, · How to Plan Your Life. Taking control of your life is a big step.
You can decide what you want, find out what's important to you, and create a plan to follow so you make the most out of your life. Learn how to plan your life so you can 88%(27). Mar 21, · Estate planning is not a “set it and forget it” kind of thing.
Your life changes, your assets change, the laws change -- and if your plan doesn’t change, your family gets caught holding the bag. The people you love most end up bearing the brunt of your failure to act.
7 Small Ways To Make Big Changes In Your Life. By Jen Glantz. Sam Edwards via Getty Images k.
Appreciate what you have in your life on a daily basis. Dec 29, · Marriage, kids, divorce, or job changes may affect your retirement planning. Nov 20, · Planning based on your life stages is important because your circumstances over the years will surely change. If you have any questions about estate planning — or have had to make a recent big decision in your life — contact us to learn more about your options.
The Five Ways Planning Changes Your Life March 7, Ok, I know I can be over the top when it comes to using my planner, but I’m not going to sit here and tell you that when I started using planners, the sky opened and it began sprinkling glitter and my life fell together.