Thanksgiving may prompt Estate Planning updates and reflection on your wishes. It is often the one time of year families gather, making it an ideal opportunity to review your Estate Plan. Life changes within your family like new marriages, births, or health issues can impact your designations and allocations. It is vital to update accordingly to ensure your current wishes are included.
- Marriage and Divorce: Adjusting Beneficiaries and Distributions
Family dynamics shift with marriage and divorce. Consider updating beneficiaries or asset distributions to reflect these changes and prevent future misunderstandings.
- New Children or Grandchildren: Planning for Their Future
A new family member may mean adding a guardian or including them as a beneficiary. Family gatherings allow you to discuss these plans with those involved, ensuring clarity and support.
- Children Becoming Adults: Shifting Responsibilities
When children turn 18, they may be ready to take on new roles, like beneficiary or healthcare proxy. Consider your relationship and your comfortability with them taking on a responsibility of this magnitude.
- Health Changes: Reviewing Medical and Financial Plans
Health changes often necessitate updates to healthcare directives or powers of attorney. Sharing these changes with family during the holidays ensures everyone understands your wishes.
- Loss of a Loved One: Revisiting Roles
The passing of a family member can prompt updates if they were a beneficiary or executor. Family gatherings provide a supportive setting to consider or discuss new arrangements.
Let this Thanksgiving be more than a time of gratitude—take this opportunity to secure your family’s future by updating your estate plan with confidence and care. Contact UBFK Law today to schedule an appointment with our experienced estate planning attorney, Shira Frackt, Esq., and gain peace of mind that your wishes are in trusted hands.