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Is it time to perform some estate planning housekeeping?

| Mar 20, 2019 | Estate Planning |

Creating an estate plan is an essential step for adults in Lake Charles. However, the sense of accomplishment that comes from crafting a good plan can lull some people into sense of complacency. Rather than letting wills collect dust year after year, individuals should be sure to re-evaluate their estate planning needs on a regular basis. Here are a few situations in which a person might need to do a bit of estate plan housekeeping.

Getting married can be an all-consuming process. From finding the right dress to getting all of the invitations out on time, soon-to-be married couples might not find time for much else in the months leading up the big day. However, once they have tied the knot, it is time to revisit estate planning. This is also an opportune time for newlyweds to discuss their financial goals for the future and estate planning wishes, including things like end-of-life care.

Having children is another reason to revisit an estate plan. One of the most important things to address is potential guardianship. If both parents were to unexpectedly pass away, their wills should specify who they would like to act as the legal guardian. Leaving assets for the continued care of the child is also important.

Life is not static, and neither is estate planning. Anything and everything from getting married to getting divorce to entering retirement can necessitate a change in an estate plan. This does not mean that people in Lake Charles have to be ready to spring on their estate plans the moment something changes, but it is a good idea to conduct an annual review during which individuals can evaluate their needs.

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