If you already have an estate plan in place, you may feel confident that it will always meet your needs. However, certain milestones in your life may weaken your arrangements if you do not reexamine your situation.
If you have not created an estate plan, it is wise to consider how not having one may impact your estate and your loved ones. Below, we will discuss three scenarios in which Fresno, California residents should consider creating an estate plan or reexamining their current arrangements.
After getting a promotion
After working for decades to build a career, you finally get promoted to a lucrative new position. When this happens, consider creating an estate plan or updating your existing plan. That way, you can rest easy knowing that your family will continue prospering if something should happen to you.
When starting a family
Many career-minded couples are waiting till their 30s or 40s to start having children. If you have not already begun estate planning, the birth of a new child is an excellent time to start. You and your co-parent will appreciate the security a well-developed estate plan offers.
After passing middle age
Although you may feel fit and healthy during middle age, you never know what the future will bring. The older you get, the greater the need for a comprehensive estate plan. Along with a will, consider adding trusts for your heirs, a power of attorney for financial decisions and advance medical directives to ensure you get the healthcare you want if you fall ill.
We encourage you to learn more about your estate planning options under California law. Armed with knowledge, you can create a plan that meets your needs and those of your family members.