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In the last post, I wrote about 5 different major life events and changes for which you should revisit and potentially revise your estate plan. Here are 3 more life changes that are cause to take another look at your estate plan and update your documents if necessary:

  1. You may need to change important individuals within your estate plan. If you haven’t updated your estate plan in many years and previously chose a Personal Representative, Agent for your Power of Attorney, or Trustee, take time to revisit this selection. Evaluate whether the individuals you named are still the best choice for your current family and estate situation.
  2. You start or purchase a new business. Although a lot of business owners do an excellent job of building successful businesses, there are less business owners who take the time to create a good succession plan or properly incorporate their succession plan into their estate plan.
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Perhaps you met with a lawyer and created an estate plan when you were younger, soon after getting married and having children. Now your kids have grown into adults and may be married and/or have children of their own.

No matter your specific life situation, there are a number of life events and changes that need to be reflected in your estate plan and will likely mean your estate plan needs to be updated. Below are 5 examples of major life changes for which your estate plan needs to be revisited:

  1. You have divorced, been widowed, remarried, or are in a relationship and living together. Following any big change in your family and relationships (new arrivals or departures), make sure to review your estate plan to ensure that your estate is going where YOU want it to go.
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No one wants to think about their own death, and planning for one’s own funeral isn’t easy. Immediately following a loved one’s death, family members are already very distressed. It is hard enough to follow through with funeral arrangements that have been outlined in one’s will or other estate planning document. It is far more difficult when no arrangements have been made at all.

Family members might also live in different places around the country or world. Coordinating a funeral from far away can be very complicated and stressful.

You can make things much easier for your family members and loved ones by designating one person to take on the main responsibilities of your funeral and issues related to it. The executor is often chosen for this role, although it may make more sense to designate someone else depending on your situation. Choosing ahead of time who will make sure your wishes are carried out can provide some comfort and assurance to you and your loved ones.

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When it comes to the part of your financial plan related to health, things such as insurance premiums and copays might be what come to mind.

These expenses are important. However, according to certified financial planner and physician Carolyn McClanahan, founder of Life Planning Partners in Jacksonville, Florida, your health should influence many other parts of your financial plan.

“It’s way more than that,” McClanahan says. “A healthy person needs a totally different [financial] plan from someone who has health issues.”

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Last week I began writing about what hospice care is, who can benefit from it, and when this type of care is recommended. Today I will continue on this topic, including who makes up a hospice care team, who pays for hospice home care, and determining if in-home hospice is right for you.

Who Makes Up a Hospice Care Team?

A number of different types of people can make up a hospice team, including various professionals and volunteers who are involved in end-of-life care. A hospice care team may include:

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Hospice care is a type of health care for those with terminally ill conditions as they near the end of their lives. The focus of hospice care is on the management of pain as well as emotional, spiritual, and familial support for the patient.

For patients receiving hospice care, there are a number of different options, including being cared for at home. The type of intimate care someone received while in hospice fits well with being given in the peaceful environment of a patient’s own home.

This week I will write about who can benefit from this type of care and when hospice is recommended, and next week I will write about who makes up a hospice care team, who pays for hospice home care, and determining if in-home hospice is right for you.

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As a parent with young children, you’ve put a lot of thought into the best way to raise your kids, including things such as the school they attend and the beliefs and values they are taught. But have you considered what would happen if you (and your spouse, if you are married) pass away suddenly? You can help ensure the best care for your children with some advance estate planning.

With a will, there’s a way

The biggest step you can take to make sure your intentions are known and followed is to name a guardian in your will. If you haven’t named a specific guardian in your will already, you can add a clause or, if necessary, draft a new will to do this.

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Last week I started writing about moving trusts from one state to another. In today’s post, I’ll share a few more things to consider if you are moving from one state to another, including the way states may treat marital property differently.

States Treat Marital Property Differently

Although most states are common law states which allow marital property to be owned separately, there are several community property states. In community property states, all of the property owned by marital partners is deemed equally shared, including property that is only titled in one spouse’s name.

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If you have a revocable living trust and decide to move from one state to another, your trust should remain valid in your new state. Though the validity of this trust won’t be affected, you might want to make some changes to it since different states can have different laws regarding things such as marital property. Also, if you are moving into a new home you are buying, you will need to transfer this asset to the trust. Below is more information about trusts and moving a trust to a new state:

Using Trusts in Estate Planning

Revocable living trusts are often used in estate plans to help shelter assets from probate, to protect private finances from public scrutiny, and to provide additional control over the disposition of assets after the owner has passed away. Trusts can save money and time when it comes to settling an estate, and they can help ensure that dependents and charities are supported.

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In last week’s post, I shared tips for making sure your loved ones will be able to find your estate planning documents when these documents are needed. Issues can also arise when it comes to finding the assets of someone who has passed away. It is common for one spouse to handle finances while the other spouse does not know the details of the assets they own. Often, we also don’t know what assets our parents, grandparents, and other family members own.

Wills are usually drafted broadly and do not list every asset a person owns because the stuff we own on the day we die will be different from what we had the day the will was made. Typically, some things will still be the same, but it’s common to buy and sell vehicles and property, save and spend money, and change banks, insurance policies, or other types of accounts.

Also, although there are search tools for some assets, such as real property, business interests, and vehicles, there is no centralized search tool that lists every asset a person owned.

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