Life is full of change. One week you might be celebrating a special family member’s birthday, and the next week you receive an unexpected job offer that requires a move to a new city.
If you have an estate plan in place today, you should know that certain life situations require you to revisit that plan to make sure it still meets your needs. If you don’t have an estate plan, a key life event can serve as an important prompt that says it’s time to stop procrastinating and get one in place.
As we work with our estate plan clients throughout the Southeast Valley, we often hear them share how they finally came around to scheduling a free consultation with us. Usually, nothing surprises us because we know that when “life happens,” it’s easy to get distracted by other things. But then, one day, an estate plan becomes more critical.
Life Events Prompt Estate Plan Revisions
Here are some of the more common life events that may require an update to your estate plan — or serve as a good reminder to get an estate in place:
- Birth or adoption of a new child or grandchild
- Your child legally becomes an adult
- Death of someone you chose as a guardian
- Marriage or divorce or newly blended family
- Disability or serious illness of a spouse
- Move to a new state
- Purchase of a home or other large asset
- Receipt of an inheritance or large monetary or another gift, such as property
- Change to state or federal laws related to taxes and/or investments
- Starting or closing a family business
Other life changes may need to be factored into the estate planning process, as well. If you have questions about a recent life event and the potential impact on an estate plan — or if want to know what’s required to establish a last will and testament, we can help you.
Contact Jacob Fleming or Bob Monroe at Mesa, AZ-based Fleming & Monroe at firstname.lastname@example.org or (480) 534-7355. Your first consultation is free, and we can talk with you in-person, by phone or via video.