No matter a person’s age or the value of their assets, estate planning is critical for distributing one’s property as they see fit and empowering those they trust to act on their behalf should something unfortunate occur. Many people wait too long or forget to update their estate plan after major life events, which can cause even more stress and confusion after their passing. The guide below explains what situations should prompt you to reconsider your will or living will.

After Age 18

Accidents and illnesses can occur without warning, so every adult should prepare for the unexpected. Writing a will allows you to decide who should get your belongings, and preparing a health care directive ensures that your wishes regarding resuscitation and palliative care are carried out. Young adults should also prepare powers of attorney giving someone they trust the power to make medical and financial decisions if they’re incapacitated.

After Gaining Significant Assets

If you’ve received an inheritance, purchased a home, or received significant assets in some way, your will should be updated to reflect these changes. Otherwise, those assets not included in the estate planning documents will be distributed according to the intestate laws of your state, which may not conform to your desires.

After a Change to Your Marital Status

Both marriage and divorce are significant life events that warrant a revision of the estate plan. If you’re newly married, consider providing your spouse with the instruments to legally act on your behalf under certain circumstances. While most states automatically cancel provisions of a will that benefit a former spouse after a divorce, individuals should still update this document so assets go to the people they choose.

After Having Children

Having children is one of life’s greatest and most rewarding responsibilities. Depending on the circumstances, your estate planning professional may recommend establishing a trust for your child’s benefit, or specifically including heirlooms in your will. After the birth of a child, the estate plan should also include a life insurance policy that will pay for their support if something happens to you.

Estate planning can be a complex, overwhelming project, but a skilled legal professional can make the process manageable and ensure that your wishes are respected. Ronald D. Zipp, Attorney at Law and his staff have been serving clients throughout Texas for over 40 years, establishing themselves as a legal team to rely on. Visit their website for an overview of their services or call (830) 629-5600 to schedule an initial consultation.