Estate planning can protect your family's financial future, so whether you are married or single, young or old, it is important to plan your estate. Even if you do not have a large number of assets or a large family, it is important to have a plan for your estate. But when do you need one? When is the right time to create an estate plan?

Do You Need an Estate Plan Now?

While you might not feel an immediate need for an estate plan, you should consider creating one sooner rather than later. Here are a few reasons why:

• Life is unpredictable: The unexpected happens all the time. Having a plan gives you peace of mind that your wishes will be followed and your beneficiaries will be cared for, even if something unexpected occurs.

• Protecting your loved ones: Creating an estate plan can be time-consuming, especially since you will be making essential decisions about your children, beneficiaries, and potential guardians. By starting the process now, you'll have ample time to think through your choices and consult with professionals to ensure your plan aligns with your goals.

• Your location: Depending on your location, specific legal requirements may apply to your estate. An estate plan ensures you comply with these requirements and avoid potential legal issues.

Will I Ever Need to Update or Change My Estate Plan? 

The answer to whether you need an estate plan will depend on your circumstances, but in general, here are some milestones that often prompt people to start thinking about getting an estate plan:

• Life changes: Your life circumstances have changed. If you have recently gotten married, divorced, had a new baby, adopted a child, or planning to retire, the content of your estate plan may need to be tweaked. 
• Additional assets: You purchased an asset such as a vacation home or accumulated more investments. Adjusting for these assets might require updating the beneficiaries on certain accounts and changing documents like powers of attorney.

No matter where life takes you, reviewing and updating your estate plan every few years is essential if necessary. It allows you to rest assured that when the time comes, those closest to you will be cared for in the way that best reflects your wishes.

How an Estate Planning Attorney Can Help

In many cases, complex estate plans require the expertise of an attorney. Estate planning attorneys can provide instructions on wills, trusts, and other legal documents. They can and can also guide minimizing taxes, protecting assets, understanding future changes in estate law, and addressing life cycle events like marriage and death.

An estate planning attorney has the knowledge to help you create a comprehensive plan that meets your individual goals and needs. They also know what steps are necessary to update an existing plan. An attorney can also advise if there are questions or disputes surrounding trust or will assets.

Contact a Williamsburg Estate Planning Attorney

The best way to ensure your estate is arranged properly is to contact a qualified Williamsburg estate planning attorney. At Pedersen Law, our estate planning attorneys can help you navigate the dynamics of estate planning. We can review your assets and personal goals to decide which route best serves you and your future beneficiaries. 

‍Contact us today for more information about how our Williamsburg estate planning attorneys can help you navigate the complexities of estate planning.