Many people avoid thinking about their own mortality, but eventually, everyone has to wonder, “What will happen to my belongings and assets when I die?” Although this is a question you may not have considered carefully in your lifetime, it is something you should think about sooner rather than later.
Defining how you want to distribute your assets after your death and planning for your end-of-life care is known as estate planning. Although some experts recommend starting your estate plan as soon as you become a legal adult, there are certain life situations that warrant the creation of an estate plan. These include some of the following:
- You recently purchased a home or other property.
- You recently got married and combined your assets with a spouse.
- You brought a new child into your family, either through birth or adoption.
- You inherited money or other assets from someone else.
- You recently got divorced.
All of these life events should trigger the need to start the estate planning process. But once you finalize your estate plan, you should continue to revisit it over the course of your lifetime, even in the absence of a major life event. We suggest reviewing your estate planning documents approximately once a year to ensure they continue to reflect your wishes.
If you are ready to start the estate planning process, our team at Bennett Guthrie PLLC is here to help. Contact our law firm today to learn more and to start working on your personal estate plan.