An estate plan is an arrangement you make during life to dispense assets and take care of remaining obligations after death. Some people wait to make final arrangements, but you should handle it early to be safe. Additionally, there are certain times in life when you should hire an estate planning attorney to put your affairs in order. Below are a few of these instances.

When to Consult an Estate Planning Attorney

1. Entering a Long-term Relationship

A wedding changes your circumstances dramatically. You become responsible for another person. You and your spouse likely share assets and debts and may depend on each other's income. If this is not your first marriage, you should remove your ex-spouse as the beneficiary on financial instruments and add your current spouse's name to your will, life insurance policy, and other documents.

Moreover, if you are not legally married but wish to provide for a partner after your death, it is crucial to update your documents. Your partner won't have the protections of marriage to rely on, so you must make your intentions explicit. 

2. Having a Child

Whether it's your first child or the most recent of several, you should make sure you provide for them. This may include purchasing additional life insurance to ensure funds for each child's education or funding a trust that will accumulate interest until they reach a certain age to withdraw it. Add each child to your will as a percentage beneficiary or signify precisely which of your assets each should receive.

3. Significant Change in Assets

If you suddenly experience a financial windfall, you should make immediate arrangements for how you want to distribute it. If you fail to do so, probate courts will determine who gets what. For instance, if you intend to provide for a sibling or parent, but you have a living spouse or children, the court may overlook those intentions unless you alter your estate plan.

To make final arrangements like a will or trust, contact the estate planning attorneys at Rutherford Law Office in Chillicothe, OH. They are locally owned and have served Ross County for more than 20 years. Their practice specialties include guardianship, divorce, civil litigation, probate, and probate alternatives. Visit their website to learn more about their firm or call (740) 775-7434 to arrange an attorney consultation.