Planning your estate may feel like a far-off problem that shouldn't concern you right now, especially if you're very young. It's wise to start working with an estate planning attorney early, though, to make sure others will handle your legacy in accordance with your wishes. Here are ways you can tell it's time to meet with an estate planning lawyer and start the process.
Marriage
Once you marry, there's at least one person who ought to be a named beneficiary of your estate. You should also start signing documents that will ensure your partner will have quick access to financial resources if you pass. For example, all of your bank accounts should have payable-on-death benefits attached. These will allow your spouse to present a death certificate and take control of the money right away, avoiding longer and more tedious processes that might delay financial help at a critical moment.
Kids
If you just had a child, this is another person who is traditionally the beneficiary of an estate. It's a good idea to clearly name them and identify which assets will become theirs upon your passing. Understandably, you will have to redo this arrangement if you have a second child, especially if you're aiming for equitable distribution.
Buying a House
The purchase of a home is often one of the biggest asset acquisitions of a person's life. A lot of wealth is tied up in real estate, and it's prudent to make sure that wealth is transferable through an estate plan.
Particularly if the wealth needs to be broken up, such as selling a house and giving the proceeds to two of your children, you'll want to have a will in place. This will direct who conducts the sale and how they will do it. It's not uncommon to have an executor sell a house at auction and then direct the money to the named beneficiaries.
If one of your estate's beneficiaries wants the house, it's a good idea to clear that up early. An equitable distribution might entail providing more value to another beneficiary. For example, one child might get the house, and another would then get several hundred thousand dollars, to strike a balance.
Adverse Events
While estate plans often change due to positive events, negative ones can drive changes, too. The death of a beneficiary, for example, should prompt some thinking on the new distribution of assets. Divorce is also a common driver of estate plan shifts. You should also consider changes if some assets have markedly declined in value.
Share6 April 2021
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