If you have an estate plan in place, you know how important estate planning is. An estate plan is crucial for protecting your assets throughout your lifetime and ensuring financial security for your family when you pass away. However, putting that initial plan in place is only the beginning. Updating your estate plan throughout your life is essential for ensuring that your assets are up-to-date and that your wishes are precise and current for all aspects of your life. In some instances, having an out-of-date estate plan may be just as bad as not having one. To avoid problems in the future, you can trust The Millman Law Group to provide you with the complete estate planning services you need to adjust your plan throughout your lifetime.
Marriage and Divorce
When you marry, you will want to include your spouse in your estate plan. This may involve changing beneficiary designations on documents like your will, retirement plan, or life insurance policies. If one of your children gets married, you may also want to ensure that the marriage won’t impact your child’s inheritance.
Of course, a divorce is also a life event that will impact your estate plan choices. If you fail to update your estate plan after your divorce, an ex-spouse may still be named as a beneficiary and receive money or control over your estate after your death.
The Birth or Death of Beneficiaries
The death of anyone in your estate plan should prompt a review so you can see what is impacted by that death. When a new child or grandchild is born, you may also want to update your estate plan so that every member of your extended family is represented.
Your Children Grow Up
When your children were minors, you had to utilize specific estate planning services to protect your children’s inheritance. You also had to select guardians for them in the case of your untimely death. However, once your children become legal adults, you have more options for how you wish to pass along their inheritances.
Significant Asset Changes
You should review your estate plan if you make significant changes to your assets. These changes can include buying or selling a business or a new home. Your Millman Law Group attorney can help you navigate the best planning decisions for your situation.
When you retire, you might start withdrawing funds from retirement accounts and selling off major assets. These actions must be followed by an update to your estate plan. If you are interested in retirement in the future, as well as Medicaid planning, that is one of the essential estate planning services you can find at The Millman Law Group. We recommend starting Medicaid planning as soon as possible, so you are prepared when you need it.
Ideally, you have an estate plan that outlines your decisions regarding your health and finances in the case of incapacity. However, if you are diagnosed with a serious illness and are at risk for quickly-declining health or cognitive function, it’s best to review your estate plan to prepare for all possible scenarios.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.