The evolving process of estate planning

On Behalf of | Feb 21, 2024 | Estate Planning |

Although we are well past the point in the year when people make New Year’s resolutions, there is still time to make meaningful changes. This not only means considering what you can do now to make the present better, but it also means assessing ways to better secure you future needs and interests.

Even as a young single adult, it is never too soon to take steps to plan for the future. This goes beyond saving money for major purchases or retirement. Creating an estate plan does not need to be postponed until you are older, a parent, homeowner, nearing retirement or the like. In fact, taking the steps to draft an estate plan when you are young will make updating your estate plan later in life when there are more pressing matters to address.

Estate planning

At Pope Law Firm, PLLC, our law firm understands how unique estate plans are for each individual. Because there is no one size fits all when it comes to estate planning, our attorneys work to create comprehensive estate plans for the individuals and families we represent.

The planning part of an estate plan illustrates that it is a process that takes time. While an estate plan can consider what you anticipate your life to look like in a decade or two decades, but the reality is that we can never know exactly what the future holds. Thus, you should be prepared to revisit your plan throughout your life in order to update.

An evolving process

It is important to look at the estate planning process as an evolving process. While it is easy to know your immediate needs and wishes, you cannot anticipate what they will be 10 years from now. Life events can also cause a shift in priorities, needs and wishes. A marriage, divorce, birth of a child, health diagnosis or large inheritance are all reasons to revisit your estate plan.

Whether you began with just a will or a more complex estate plan, taking the time to routinely go over your estate plan is important. This can ensure your beneficiaries are accurate, trusts are updated, trusts are created and even elder law matters are addressed with varying documents.

Even when we put forth meaningful effort to plan for the future, the reality is that the future will still have many unknowns. Thus, it is important to take steps early to better prepare for the knowns and unknows of the future, putting yourself and your loved ones in a better position when it comes time to updating your estate plan. Although this is a practical step to take, it is understandably a difficult and sometimes emotional process. Thus, it is important to understand the process fully, obtaining guidance from a legal professional when you have questions and concerns about your rights and options.