When times get tough, such as a divorce or the death of a loved one, you will be faced with a lot of responsibility. The decisions you make during this time will impact you now and in the future. This is particularly true in regards to your estate plan.
While not always the case, a major life change often means altering your estate plan. For example, a divorce will cause you to review your personal situation and determine what is best for your loved ones moving forward.
If you are faced with a tough situation and need to alter your estate plan, here are three tips for doing so:
- Don’t wait any longer. Once you realize a change is needed, it is time to take action. You never know what could happen, so it is best to move forward as quickly as possible.
- Get the help of your loved ones. While you may feel alone, this is not always the case. For example, if you are dealing with divorce you can lean on an adult child for support. Doing so will help you make informed decisions, as it is always nice to have somebody you can lean on.
- Contact your estate planning attorney. You don’t want to make a decision that could bring more confusion to your situation. You don’t want to make a mistake that will harm your loved ones in the future. An estate planning attorney can review your situation, answer your questions, and help you understand what steps to take.
Nobody wants to be faced with tough times, but most people find themselves in this situation at some point in their life. If this happens to you, consider how your estate plan is impacted. If a change is needed, follow the three tips above to ensure that you make all the right decisions.