As life changes, so do a person’s individual needs. When it comes to estate planning, it is important to consider which stage of life a person is in. Estate planning needs will differ depending on this. Here are just a few ways in which an estate plan might change over the course of a person’s life.
Becoming an adult means that a person’s parents no longer have control over his or her life. This can be a great feeling, but it also means that a parent cannot access a child’s financial accounts or necessarily make medical decisions should the need arise. Some young adults in Florida might be reluctant to create powers of attorney that would give their parents these abilities in case of emergencies, but failing to do so may be unwise.
Moving past the early years of adulthood and onto marriage and parenthood presents its own unique challenges. Newly married couples should merge necessary estate planning documents, updating them to include one another. Beneficiary designations should also be updated. When children are in the picture, parents should be sure to name trusted guardians in their wills. Creating a revocable trust can also ensure that minor children have continued financial support no matter what happens.
People should revisit their estate plans after other major life events as well, including divorce and retirement. Even starting a new business should prompt a person to evaluate his or her needs regarding estate planning. Since each new stage of life requires a different approach, some people in Florida find that speaking with an experienced attorney can be helpful.