Estate Planning Timeline

An estate plan ensures your wishes are honored and helps you manage your assets efficiently. It can reduce taxes, protect your property, secure your loved one’s financial future, and avoid the lengthy probate process. Additionally, it allows you to designate trusted individuals to make financial and healthcare decisions for you if you ever become unable to do so. Without an estate plan, the court will step in to distribute your assets according to state laws and appoint someone to make decisions on your behalf during unforeseen incapacity.

Estate Planning: A Milestone Guide

Life is dynamic. But there are milestones when it may be especially important to create, review, or update your estate plan.

• New Beginnings: As young adults embark on the journey of adulthood, there are important estate planning documents that help protect their health and finances in time of emergency.
• Significant Life Events: Creating or reviewing your estate plan is always a good idea after major life changes like marriage or remarriage, birth or adoption of a child, divorce, blending of two families, or the death of a spouse, child, or beneficiary.
• Asset Adjustments: Create or update your estate plan when acquiring or disposing of substantial assets to ensure they are properly managed and distributed. Examples include increased wealth, new tax exposure, or the purchase of a new home.
• Start/Own a Business: Creating a Business Succession Plan allows for easier control of your business, added privacy, and tax planning benefits.
• Retirement: Create or update your estate plan in preparation for retirement to help provide a steady stream of income while reducing your estate tax liability.
• Post Retirement: A well-reviewed estate plan can help balance holding assets for estate tax purposes with strategic gifting to maximize the legacy you leave behind.
• Health Changes: Adjust your estate plan to account for changes in health status, including provisions for incapacity, medical care, or Guardianship/Conservatorship issues.
• Executor or Trustee Availability: Review/replace your chosen personal representative or trustee if they become unable or unwilling to fulfill their duties.
• Relocation: Review your estate plan when moving to a new state or country to ensure it aligns with local laws and regulations.

Remember that estate planning is not a one-time event. Regularly review your estate plan every few years, even in the absence of major changes, to ensure it reflects your current wishes and intentions.

No matter where you are in life, an estate plan ensures protection and provides peace of mind.