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Estate Planning During Major Life Changes

BY: Law Offices of Andrew Cohen | June 11, 2024

Life is full of unexpected changes, and many of these changes can significantly impact your estate plan. Whether you are getting married, having children, going through a divorce, or experiencing the loss of a loved one, ensuring that your estate plan reflects your current situation is crucial. An estate planning attorney in Santa Clarita can help you navigate these transitions and ensure that your wishes are accurately represented.

Marriage and Estate Planning

Marriage is a joyous occasion that also brings about important legal considerations. When you get married, updating your estate plan to include your spouse is essential. This might involve updating your will, establishing joint ownership of assets, and designating your spouse as a beneficiary on insurance policies and retirement accounts. An estate planning lawyer in Santa Clarita can help you make these adjustments to protect your spouse and ensure a smooth transition of assets.

Children and Estate Planning

The birth or adoption of a child is another major life event that requires careful estate planning. As a parent, you want to ensure your children are provided for in the event of your untimely passing. This involves updating your will to name a guardian for your minor children, setting up trusts to manage their inheritance, and possibly purchasing additional life insurance. Working with an estate planning attorney in Santa Clarita can give you peace of mind, knowing your children’s future is secure.

Divorce and Estate Planning

Divorce is a significant life change that necessitates a thorough review of your estate plan. After a divorce, you’ll need to update your will, change beneficiary designations, and possibly restructure any trusts you have in place. It’s also a good time to reassess your power of attorney and healthcare directives. An experienced estate planning lawyer in Santa Clarita can guide you through these updates to ensure your assets are distributed according to your new circumstances.

Loss of a Loved One

The loss of a loved one is a difficult and emotional time, and it can also have significant implications for your estate plan. If your spouse or a designated beneficiary passes away, you must update your will and other estate planning documents to reflect these changes. An estate planning attorney in Santa Clarita can help you make the necessary adjustments and provide support during this challenging period.

Retirement and Estate Planning

As you approach retirement, revisiting your estate plan is a good idea. This stage of life often involves significant financial changes, such as the drawdown of retirement accounts and the possibility of needing long-term care. Updating your estate plan to address these changes can ensure that your assets are managed according to your wishes and that you have the necessary healthcare and living expenses provisions.

Conclusion

Major life changes are inevitable and often necessitate updates to your estate plan. Working with an estate planning attorney in Santa Clarita ensures that your estate plan accurately reflects your current situation and protects your loved ones. The Law Offices of Andrew Cohen offer expert guidance in estate planning and provide a free consultation to discuss your needs. Call us at 661-481-0100 to schedule your consultation today and ensure your estate plan is up-to-date and comprehensive.

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