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When Do I Need an Estate Plan?

Every day you work and plan to ensure a secure future for yourself and your loved ones. However, few people ever stop and consider what would happen to their loved ones if they pass on. It is never pleasant to think about, but it’s essential to take action and create an estate plan tailored to your personal needs. If you search online for “estate attorney near me,” you’re sure to find an experienced estate lawyer who can help guide you through this process.

What is an Estate Plan?

Many people avoid thinking about all this, as it’s a grim subject, but an estate plan sets out your wishes and establishes a plan of action for your assets. Developing a personal estate plan with the guidance of an estate attorney will help establish some stability and alleviate certain anxiety during a difficult and tumultuous time for your loved ones.

So, what exactly is estate planning? It’s a process that involves identifying your assets and designating who should receive these assets upon our death. Furthermore, a comprehensive Estate Plan also includes pre-death planning such as appointing individuals to act on your behalf in the event of your incapacitation and to make decisions for your end-of-life care.

Many people assume that estate planning is only for wealthy people, but that’s a mistake. Estate planning is essential for everyone, regardless of wealth, status, or situation. Everyone deserves to maintain control over their assets, so you must designate trusted advisors and caretakers to ensure that your affairs are in order.

When Do You Need Estate Planning?

The start of a new year is the ideal time to put your affairs in order. Of course, any time of year is a good time to get started, but the new year may provide the impetus you need to begin. ZM Law Group can guide you through the process of establishing a personalized estate plan to address your individualized and specific needs.

No matter how old you are, it’s never too early to start searching for “estate planning attorney near me” to begin the process. Creating a Will, a Power of Attorney, a Medical Directive, and in some cases a Trust is important. However, life always brings new adventures, that’s why the estate plan is always modifiable and can be revised to serve new and unexpected developments. A competent and knowledgeable lawyer for wills will help identify the various issues in your situation and develop an Estate Plan to always suit and meet your needs. The relationship you establish with your estate attorney will ensure that your estate plan is always updated and modified to suit your needs all throughout life. Some of the life changing events which would trigger a change in your estate planning process are as follows:

Life-Changing Events which Trigger a Change in an Estate Plan:

  • Marriage/Children

Getting married and/or having children involves combining assets, accumulating joint assets and ensuring financial security for those you love. Therefore, it’s vital to establish an estate plan addressing your needs in all phases of life.

  • Purchasing a Home or Other Property

Once you acquire a home, preserving it and ensuring that its remains your family’s home is an important catalyst for creating an Estate Plan. There are several considerations that must be addressed if the home is secured by a Mortgage and other issues to consider if you own the home free and clear. In both instances, it’s imperative to have the right estate plan to address the transfer of property to your loved ones.

  • Divorce

A divorce changes ownership of assets, therefore creating an estate plan to secure a future for yourself and your loved ones is imperative. This is also a time to identify and appoint individuals to deal with your affairs in the event of incapacitation or death. An estate attorney will help you identify qualified people to serve as your Power of Attorney, Personal Representatives and Medical Directors on your behalf will give you peace of mind during this very difficult transition in your life.

Need an “Estate Lawyer Near Me?”

Now that you know when to start your estate planning, consider taking the next steps and contacting Zhanna A. Maydanich at ZM Law Group to assist with your estate planning needs. This can be overwhelming and complicated; therefore, a trusted estate planning attorney will make this process smoother and easier. We make the process clearer and guide you every step of the way. Contact ZM Law Group today, we would be honored to help you create an Estate Plan tailored and developed just for you.

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