Estate Planning Attorney: Why You Need One Before Life Changes
- Meason & Morris Law
- Nov 24
- 10 min read
Life is full of big changes. You might get married, have a baby, or start a new business. These are exciting times, but they can also be complicated.
One thing that many people forget to do during these times is to update their estate plan. An estate plan is a set of legal documents that says what you want to happen to your money and property after you die. It also says who you want to make decisions for you if you can't make them for yourself.
If you don't have an estate plan, the state will decide what happens to your things. This can cause a lot of problems for your family. It can also mean that your wishes are not followed.
That is why it is so important to have an estate plan. It is also important to update your estate plan after a major life change. An estate planning attorney can help you with this.
At Meason & Morris Law, we help people create and update their estate plans. We know that life can be busy, and it is easy to put off estate planning. But we also know that it is one of the most important things you can do for your family.
This guide will explain why you need an estate planning attorney before a major life change. We will talk about the different life changes that can affect your estate plan. We will also talk about how an estate planning attorney can help you protect your family and your future.
Understanding Estate Planning and Life Changes
Estate planning is the process of deciding how your assets will be managed and distributed after your death. It involves creating a set of legal documents, such as a will, a trust, and a power of attorney. These documents will ensure that your wishes are carried out and that your loved ones are taken care of.
Life changes can have a big impact on your estate plan. For example, if you get married, you will want to add your new spouse to your will. If you have a baby, you will want to name a guardian for your child. If you start a business, you will want to make sure that your business is protected.
If you don't update your estate plan after a major life change, it can cause a lot of problems. For example, if you get divorced and don't update your will, your ex-spouse could still inherit your property. If you have a baby and don't name a guardian, the court will decide who will raise your child. These are just a few examples of the problems that can arise if you don't update your estate plan.
Many people think that they can create their own estate plan using online forms. While this may be a good option for some people, it is not a good idea for people who are going through a major life change. The law is complex, and it is easy to make a mistake that could invalidate your estate plan. An estate planning attorney can help you avoid these mistakes and can make sure that your estate plan is legally sound.
An estate planning attorney can also help you with more than just the legal documents. They can help you think through your goals and make sure that your estate plan reflects your wishes. They can also help you with tax planning and asset protection. An estate planning attorney is a valuable partner who can help you protect your family and your future.
Marriage and Estate Planning
Getting married is one of the most exciting times in a person's life. It is also a time of big changes. When you get married, you are combining your life with another person.
This means that you are also combining your finances and your assets. That is why it is so important to update your estate plan after you get married.
One of the first things you should do is to update your will. Your will is a legal document that says who you want to inherit your property after you die. If you don't have a will, the state will decide who gets your property. This is called dying intestate.
In most states, if you are married and you die without a will, your spouse will inherit all of your property. However, if you have children from a previous marriage, your spouse may only inherit a portion of your property. An estate planning attorney can help you create a will that reflects your wishes.
You should also update your beneficiary designations. A beneficiary is a person who you name to receive your assets after you die. You can name beneficiaries for your life insurance policies, your retirement accounts, and your bank accounts. If you don't update your beneficiary designations after you get married, your ex-spouse or your parents could end up inheriting your money.
If you have a blended family, it is even more important to update your estate plan. A blended family is a family where one or both spouses have children from a previous marriage. In a blended family, you need to make sure that your estate plan provides for both your new spouse and your children. An estate planning attorney can help you create a plan that is fair to everyone.
A prenuptial agreement is another important consideration for people who are getting married. A prenuptial agreement is a contract that you and your spouse sign before you get married. It says what will happen to your property if you get divorced or if one of you dies. A prenuptial agreement can be a good way to protect your assets and to avoid a messy divorce.
Finally, you should also update your powers of attorney and healthcare directives. A power of attorney is a legal document that gives someone the authority to make financial decisions for you if you can't make them for yourself.
A healthcare directive is a legal document that says what you want to happen if you are unable to make your own medical decisions. When you get married, you will want to name your new spouse as your agent for both of these documents.
Divorce and Estate Planning Updates
Divorce is another major life change that can have a big impact on your estate plan. When you get divorced, you are no longer married to your ex-spouse. This means that you will need to update your estate plan to reflect your new marital status.
One of the first things you should do is to remove your ex-spouse from your will. If you don't, your ex-spouse could still inherit your property. You should also remove your ex-spouse from your beneficiary designations. This includes your life insurance policies, your retirement accounts, and your bank accounts.
If you have children, you will need to update your estate plan to protect their inheritance. You may want to set up a trust for your children. A trust is a legal arrangement where you give your property to a trustee to hold for the benefit of your children.
The trustee will manage the property and distribute it to your children according to your instructions. A trust can be a good way to protect your children's inheritance from their other parent or from creditors.
You will also need to update your guardianship designations. A guardian is a person who you name to raise your children if you die. If you don't name a guardian, the court will decide who will raise your children. This can be a difficult and emotional process for your family.
An estate planning attorney can help you choose a guardian and create a legal document that names them as the guardian of your children.
Finally, you will need to update your powers of attorney and healthcare directives. You will want to remove your ex-spouse as your agent and name someone else to make financial and medical decisions for you if you can't make them for yourself.
New Children and Estate Planning
Having a baby is a joyous occasion. It is also a time of great responsibility. When you have a baby, you need to update your estate plan to make sure that your child is taken care of if something happens to you.
One of the most important things you need to do is to name a guardian for your child. A guardian is a person who you name to raise your child if you die. If you don't name a guardian, the court will decide who will raise your child.
This can be a difficult and emotional process for your family. An estate planning attorney can help you choose a guardian and create a legal document that names them as the guardian of your child.
You should also set up a trust for your child. A trust is a legal arrangement where you give your property to a trustee to hold for the benefit of your child. The trustee will manage the property and distribute it to your child according to your instructions. A trust can be a good way to protect your child's inheritance from creditors or from being mismanaged.
You should also consider buying life insurance. Life insurance can provide your child with financial security if you die. The death benefit from a life insurance policy can be used to pay for your child's education, living expenses, and other needs.
If you have a child with special needs, you will need to do some additional estate planning. You may want to set up a special needs trust. A special needs trust is a type of trust that is designed to provide for a person with special needs without jeopardizing their eligibility for government benefits. An estate planning attorney can help you set up a special needs trust and can help you with other aspects of special needs planning.
Finally, you should update your will and your beneficiary designations. You will want to add your new child to your will and name them as a beneficiary on your life insurance policies and retirement accounts.
Business Changes and Estate Planning
Starting a new business is an exciting venture. It is also a time of great risk. When you start a new business, you need to make sure that your personal assets are protected from your business liabilities. You also need to make sure that your business is protected if something happens to you.
One of the first things you should do is to choose the right business structure. There are several different types of business structures, including sole proprietorships, partnerships, and corporations. Each type of business structure has its own advantages and disadvantages. An estate planning attorney can help you choose the right business structure for your business.
You should also create a business succession plan. A business succession plan is a plan that says what will happen to your business if you die or become disabled. A business succession plan can help to ensure that your business continues to run smoothly and that your family is taken care of.
If you have a partner, you should create a buy-sell agreement. A buy-sell agreement is a contract that says what will happen if one of the partners dies, becomes disabled, or wants to leave the business. A buy-sell agreement can help to avoid disputes and can ensure that the business is able to continue operating.
You should also consider buying key person insurance. Key person insurance is a type of life insurance that a business buys on the life of a key employee. The death benefit from a key person insurance policy can be used to help the business recover from the loss of a key employee.
Finally, you should update your estate plan to include your business. You will want to make sure that your will and your trust are updated to reflect your ownership of the business. You will also want to make sure that your beneficiary designations are updated.
When to Contact an Estate Planning Attorney
It is a good idea to contact an estate planning attorney whenever you are going through a major life change. This includes getting married, getting divorced, having a baby, or starting a new business. An estate planning attorney can help you update your estate plan to reflect your new circumstances. They can also help you with other aspects of estate planning, such as tax planning and asset protection.
You should also contact an estate planning attorney if you have not reviewed your estate plan in several years. The law is constantly changing, and it is important to make sure that your estate plan is up to date. An estate planning attorney can review your estate plan and make sure that it still meets your needs.
When you meet with an estate planning attorney, you should be prepared to discuss your goals and your financial situation. You should also bring any existing estate planning documents with you. The attorney will review your documents and make recommendations for changes. They will also answer your questions and help you create a plan that is right for you.
The cost of hiring an estate planning attorney will vary depending on the complexity of your case. However, the cost of not hiring an attorney can be much higher. An estate planning attorney can help you avoid costly mistakes and can make sure that your wishes are carried out. They can also give you peace of mind knowing that your family is protected.
When you are choosing an estate planning attorney, it is important to choose someone who you feel comfortable with. You will be sharing very personal information with your attorney, so it is important to choose someone who you trust. You should also choose an attorney who has experience with estate planning and who is familiar with the laws in your state.
Conclusion
Life is full of changes. Some of these changes are exciting, while others are difficult. But no matter what life throws your way, it is important to be prepared. One of the best ways to prepare for the future is to have an estate plan.
An estate plan is a set of legal documents that says what you want to happen to your money and property after you die. It also says who you want to make decisions for you if you can't make them for yourself.
It is important to update your estate plan after a major life change. This includes getting married, getting divorced, having a baby, or starting a new business. An estate planning attorney can help you update your estate plan to reflect your new circumstances. They can also help you with other aspects of estate planning, such as tax planning and asset protection.
At Meason & Morris Law, we are committed to helping our clients protect their families and their futures. Our experienced estate planning attorneys can help you create a plan that is right for you. We will work with you to understand your goals and to create a plan that meets your needs.
We will be there for you every step of the way, providing you with the legal advice and the emotional support you need. If you are going through a major life change, don't wait. Contact us today for a consultation and let us help you protect your family and your future.
Meason & Morris Law is a legal firm led by seasoned attorneys Marty Meason and Chris Morris. We provide a professional experience for all our clients, helping them navigate their legal rights. We focus on Criminal Justice Law (felonies and misdemeanors), Divorce and Family Law, Expungement and Felony Law, Probate Law and also have Trial experience. Serving Washington County, Nowata County, Osage County, Rogers County, Payne County, Pawnee County, and Kay County in Oklahoma.
Meason & Morris Law
515 Delaware Ave
Bartlesville, OK 74003
918-336-6300
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