If you are wondering when will be the best time to formulate your estate plan, chances are good that any Lynnwood estate planning lawyer you talk to is going to say right now. The basic truth is that any person should develop an estate plan as soon as they become a legal adult.
Estate planning can be very complicated, and most people are going to need assistance to ensure their legal documents are done in a manner that complies with state law. For this reason, you should always retain legal counsel when developing an estate plan.
Many people only choose to develop estate plans when they are arriving at certain milestone events in their life. That said, here are a few of those moments at which you should certainly ensure you have an estate plan ready:
- Opening Your First Savings Account — When you begin any savings account, you will want to designate where the funds should go should you die. An estate plan can ensure your account passes to a loved one or the charitable cause of your choosing.
- Buying Your First Home — When you purchase a home or any other kind of major property, estate planning can be the best way to avoid lengthy probate court proceedings for your family.
- Marriage or Remarriage — When you are about to combine assets with a spouse, it will be a critical time to begin estate planning, especially to set up plans in the event of your death, or maybe even both of your deaths.
- Major Travel Plans — Any time you are preparing to take a big trip, you will want to update your estate plan. This will be especially true if you are traveling for long periods of time or are frequently leaving the country.
- Birth of a Child — Any childbirth usually prompts most people to consider estate planning, especially since new parents will want to take pains to designate potential guardians and establish financial security for their children.
- Big Inheritances — When you suddenly come into a large sum of money through an inheritance, you will have more assets to take care of. You will want to update your estate plan accordingly to reflect the newfound money or assets.
- Divorce — Just as a marriage is often a fine time to create an estate plan, a divorce can be a crucial time to update previous estate plans you may have made with a former spouse.
- Births of Grandchildren — Just as was the case with your own children, new family members such as grandchildren are great times to create or update existing estate plans to ensure the newest family members will be taken care of.
Are you struggling to determine what needs to be in your estate plan in Washington? Let a Lynnwood estate planning lawyer at Bountiful Law walk you through the entire process and make everything as easy as possible.
Our firm understands how complicated estate planning can be for most people, and we can make sure that every concern of yours is taken care of. You can call 425.775.9700 or contact us online to arrange a free consultation that will let us review your case and really talk to you about what is important to you.