A new child or grandchild in the family means it's time to update your estate plan
Any time you reach a major milestone in your life, it’s a good time to revisit your estate plan and make some updates to reflect those life changes. Never is that truer than when you add a new member to your family, whether it’s in the form of a new marriage or a new child/grandchild.
If you had an estate plan in place before you got married or had a child/grandchild, you had probably intended to leave most of your assets to parents or siblings if you passed away.
But with a new family member comes new priorities. If your family has a little one on the way, it's also a good idea to follow these 8 safety tips to childproof your home.
How does a new family member affect my estate planning?
A new spouse or child/grandchild will have a significant impact on your estate plan, affecting such things as your wills and trusts, your business succession plans, your beneficiaries on retirement and insurance policies and the general approach you use when creating advance directives.
Therefore, after you get married or have a child/grandchild, take some time to talk with an estate planning attorney about the steps you need to take to ensure your estate plan reflects the changes that have recently occurred in your life.
In addition to big changes to your family dynamics, there many other reasons to reach out to your estate planning attorney. Read our top 5 reasons why you should review, update, or create your estate plan.
Our estate planning attorneys are ready to help protect your family
Be sure to share the importance of updating an estate plan with anyone you know who has recently had a big change in their life.
If you have any questions, contact us directly at (626) 307-2800 or click the button below to request a free consultation with our attorneys.