Make an estate plan after these life events
Most people don’t have an estate plan, and there is something to be said for the argument that everyone needs to make one quickly. Far too many people pass away without a plan and leave confusion for their heirs.
That said, there are certain times in life when you need to create a plan more than others. If you have been putting it off and then you run into one of these life events, consider whether or not it’s time to get your plan in place.
You get married or divorced
When your marital status changes, you may want to make a plan to reflect your new situation. For instance, maybe you assumed your assets would pass to your spouse, but the divorce means you now need to specify different beneficiaries. If you get married, you and your new spouse may want to do your estate planning together so that it addresses your changed assets.
You have a child
This is perhaps the main reason people make an estate plan. Once you have a child, you start thinking about how you’ll eventually pass your assets on to them. You also want to pick a guardian and do other things to safeguard their future while they’re a minor.
You run into serious health issues
If you are diagnosed with cancer or another serious ailment, it’s important to get your estate plan in place. Even if you know that you’re going to pull through and recover, you can still use this as a lens to think about what you would want to happen to your estate.
Whenever you decide that it’s time to do your estate planning, take the time to carefully consider all of the options you have.