Significant life events like marriage, divorce, or childbirth can profoundly impact your finances. Amidst the joy and adjustments, it’s crucial not to overlook the importance of updating your estate plan to ensure your loved one’s financial security. This article will provide valuable guidance on estate planning after a life event, so keep reading!
Steps To Take When Reviewing Your Plan
1. Updating Beneficiaries
One of the first steps in post-life event estate planning is to review and update the beneficiaries on your accounts and policies. With the joy of marriage or the arrival of a new family member, you may want to designate your spouse or child as the primary beneficiary. Similarly, you might wish to remove your former spouse from your estate planning documents after a divorce. Failing to update your beneficiaries can lead to unintended consequences, leaving assets in the wrong hands.
2. Establishing Trusts For Minors
Welcoming a new child into the world is a joyous occasion, but it also comes with the responsibility of securing their future. Setting up a trust for your child or grandchild is one of the best ways to protect their financial interests. Through a trust, funds can be set aside and managed for their use at a later date. An estate planning attorney in Norman, OK, will help you establish the correct type of trust to suit your family’s needs.
3. Reviewing Asset Distribution Plans
Life events can also influence how you wish to distribute your assets. For instance, a divorce might prompt you to update your will to exclude your former spouse or adjust the distribution percentages. Similarly, the birth of a child might require you to consider setting up a college fund or allocating resources differently. By regularly reviewing your estate plan, you can be confident that your wishes are up-to-date and accurately reflect your current circumstances.
Looking For Norman, OK, Estate Planning Services? Contact Seda Law Firm Today
As someone who’s worked hard to provide for their family, you want the assurance that your assets are passing into the right hands upon your death. But estate planning can be complex, especially after a significant life event, which may overwhelm you.
At Seda Law Firm, we understand the importance of post-life event asset distribution planning. Robert L. Seda is an estate planning attorney in Norman, OK., with a track record of success and professional expertise. He’ll guide you through the entire process, helping you update your estate plan and ensuring financial security for your loved ones. Please send us a message today!
