Life events that impact your estate plan

More than half of Americans lack estate planning documents, despite acknowledging their importance. Estate planning should be a part of everyday life and financial planning, regardless of life stage. Here's a breakdown of when estate planning is crucial:

1. Before, during, or immediately after college
   • Create financial and healthcare powers of attorney (POA)
   • Update will beneficiaries
2. Your first real job
   • Designate beneficiaries for company retirement accounts
   • Create estate planning legal documents
3. Getting married
   • Create a will and POA documents
   • Update beneficiaries across all accounts
4. Having a baby
   • Select a backup guardian
   • Create a will and POA documents
   • Update beneficiaries across all accounts
5. Adopting a child
   • Select a backup guardian
   • Create a will and consider a living trust
   • Create POA documents and update beneficiaries
6. Getting divorced
   • Review and update all estate planning documents
   • Create a new estate plan if needed
   • Update beneficiaries across all accounts
7. Birth of grandchild
   • Create or update a specific distribution in trust for grandchildren
   • Update beneficiaries across all accounts
8. Planning for retirement
   • Create or update your estate plan
   • Update beneficiaries across all accounts
   • Inform and educate your advocates

Estate planning is an ongoing process that should be revisited as life circumstances change. It's essential to create, amend, and maintain your estate plan throughout your life to ensure your wishes are carried out and your loved ones are protected.

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