3 Common Estate Planning Situations

A lot of people have the fearlessness to die without having an estate plan. Many individuals avoid estate planning, possibly, since they do not wish to confront their own mortality or, due to the legal penalties to make a legally valid estate plan.

As a lawyer who specializes in this area, I know this, but if you're like one of those people described below, I would suggest you're in need of estate planning. Here are some common estate planning situations explained for you:

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People who are in a second marriage

In case you have children of a previous marriage and are blessed to fall in love and remarry, you need to think about estate planning. This is an intricate place. Consulting with an experienced practitioner qualified in estate/trust law in addition to community property is vital to comprehend plans and choices that are available to you.

People with a minor child or a child with special needs

A small child or a child with special needs isn’t permitted to own land in several nations of the USA.

For people who die leaving a child with special needs, the inheritance from you might cause your kid to reduce their governmental advantages. In such circumstances, appropriate estate planning is quite a gift to your child and should function to prevent these issues.

People with an outdated estate plan

Generally, I propose your own estate plan should be reviewed every 3 years. Why? Things change over time. If you die having an estate plan which was badly made, or that doesn't match your fantasies or is noncompliant with present laws, your estate program fails when you want it most.