Through the Years

With every big step in life, your estate planning may change. As these changes come, it is essential to have your documents up to date in order to fit your needs.

When you first get a job or get married, it is important to begin thinking about how your assets will be distributed. It is especially important when you have started a family. It is never too early to start planning the distribution of your accumulated wealth and assets. Creating a will is a great way to start. This document outlines the distribution of your assets to be given to your heirs. It also manages guardianship of children in the event that you pass. Creating a trust is also important during this stage of life. This document allows a third party to hold onto assets for beneficiaries.

As you age and acquire more assets or estates, it is important to adjust your documents to fit all of these changes. It is also vital to ensure that you have enough money aside to support yourself through retirement. If you have children, you might also be concerned with finances for college. Consider adjusting your will to meet your new needs. You may want to change the distribution of assets. A healthcare power of attorney and living will are also more important as you age. They ensure that you can be taken care of if you are unable to express your medical preferences yourself.

You may want to change your will as grandchildren possibly come into the picture, or if family situations have changed in any other way. Other reasons for revising your estate planning documents include divorce, children graduating college, taking heirs out of wills, or naming a new successor.

Trust John Coppola and the Coppola Estate Planning team to help you help you grow, protect, and preserve your wealth through the years.