Making advance plans for the latter portion of your life is always going to be the wise course of action because the reality is that we all get older, we all reach retirement age, and we all eventually pass away. Unfortunately, many people procrastinate until it is too late to their own detriment and to the detriment of their family members. But even people who are proactive about making advance plans are faced with challenges because life does not stand still. Your estate plan at any given time is going to be based on a snapshot of your life as it was when you devised the plan. As things change, your estate plan must be updated to reflect these changes.
One of the first big events in your life that will impact your estate plan is marriage. Though young single people should have an estate plan in place, many do not, but when you get married an estate plan becomes a must. It is very likely that you and your spouse are living a standard of life that requires two incomes to maintain. Should one of you pass away suddenly in an accident or due to an illness, the other individual could be placed in a very tenuous financial situation. This is why it is so important to have sufficient life insurance coverage in place. Advance health care directives are also important for married couples of all ages.
We live in an era when 4 or 5 out of every ten marriages end in divorce, and when your marriage comes to an end you must revisit your estate plan and make sure that you update your beneficiaries. In addition, should you remarry, you and your new spouse must discuss the dynamics of your blended family and create an estate plan that reflects your current situation.
Estate planning is a lifelong process if you are serious about making sure that all of your bases are covered. This is why it is important to identify an estate planning attorney that you feel comfortable with who will gain an understanding of your situation and assist you as you move forward and experience life's inevitable twists and turns.
