You never know what events might occur in life, so your estate planning should take that into account. Whether you are writing your will, setting up trusts, or purchasing insurance, it’s wise to provide for life changes. The tips below may help you anticipate the unknown and make adjustments in your plans. 

Estate Planning for Unknown Events

1. Include Alternate Guardians in Your Will

If you have minor children, making a will allows you to designate a guardian for them in case you pass away before they become adults. It’s wise to name an alternate guardian in the event the first person you name is unable to serve.

2. Create Trusts for Flexibility

You can create trusts to take effect while you are still living or when you pass away and add to them at any time. Trusts allow you to transfer money and property to your children or other loved ones without those assets going through probate. You can name a trustee and an alternate to administer the trusts until your minor children reach the age at which they can manage the assets on their own.  

3. Buy Life & Disability Insurance

While passing away is a certainty, you never know when it will happen. Purchasing life insurance and naming loved ones as beneficiaries now is an easy way to provide for them. About 1 in 4 of 20 year-olds today will become disabled before reaching retirement age, and the average long-term disability claim lasts 34.6 months. Good estate planning includes buying disability insurance to protect yourself and your family in case you have an accident or illness that affects your income.

For more than 100 years, the estate planning attorneys at Pater, Pater & Halverson have provided wise and practical legal counsel to clients throughout the Hamilton, OH, area. This legal team has over 90 years of combined experience, and you can depend on their personalized and compassionate representation to guide you in making decisions about the unknown. Visit their website for more on their wills and trusts services, follow their Facebook for more legal tips, or call (513) 867-1411 to schedule a consultation with an attorney.