Estate Planning for All Seasons of Life

A dark teal banner titled "Estate Planning for All Seasons of Life" features a stylized light green branch with heart-shaped leaves hanging from it, each heart representing a life stage: "Graduate High School," "Getting Married," "Having Children," "Divorce/Remarried," "Retirement," "Medical Diagnosis," and "Death of a Spouse." The law firm's logo "IE&EL" is in the bottom left, and a small white box in the bottom right says "PEACE OF MIND STARTS HERE.

By: Valerie Hollar, Drafting Paralegal [Estate Planning]

Peace of Mind Starts Here

Summary: This blog post, “Estate Planning for All Seasons of Life,” is a comprehensive guide to proactive planning. It addresses the unique estate planning considerations for every stage, including graduates, newlyweds, and retirees. Learn about key documents like wills, trusts, and powers of attorney to ensure peace of mind for you and your loved ones.

Like the seasons change with the weather, so do the seasons of our lives and our estate planning needs. Therefore estate planning is important no matter which season of life in which you find yourself. A distinct set of questions and preparations accompanies each seasonal change. What seasons of life relate to estate planning you ask?

Well, here are a few questions to ask yourself:

  1. Are you a recent high school graduate or are you the parent of a recent high school graduate?
  2. Did you recently get married?
  3. Are you a new parent?
  4. Did you recently get divorced and/or remarried?
  5. Did you retire recently or are you on the verge of retirement?
  6. Have you had a recent medical diagnosis?
  7. Have you recently lost a spouse or other loved one?

Ultimately, there are many questions and many seasons of life, providing many reasons to examine your estate plan. If you do not have an estate plan yet, you are in the right place. At Indiana Estate and Elder Law, we are happy to help you navigate the change in seasons!

Did you or someone you love recently graduate from high school?

The transition from child to adult for a high school senior is one full of choices. Unfortunately, young adults and the adults in their lives do not consider estate planning to be necessary because the person is still so young. If you are eighteen or older, you are not too young! We recommend having at least a Financial Power of Attorney and a Medical Power of Attorney in place for that ‘young’ person before leaving the nest, whether that be just moving out on their own or going to college.

As parents, we sometimes feel we should still be able to make decisions for our children regarding their health, wellness, and finances. However, once a child turns eighteen, the law no longer allows us to. In fact, these documents can be very helpful when a parent, or someone else, still needs to lend a hand.

Are you getting planning your wedding?

In all of your to-do lists and planning sessions for tying the knot, have you thought about what your plans would be if something happens to your spouse? Do you have assets that you bring to your marriage that you want to protect? Do you have concerns about how your children should be cared for? There are lots of reasons to discuss estate planning both while couples are engaged and just after they get married. We can help! In addition to estate planning, we offer both pre- and post-marital agreement planning to our clients.

Did you recently have a baby? Or do you have children at home?

Children can bring such joy and excitement to our lives! They truly usher us into a new season, especially if we are becoming parents for the first time. However, just as you prepare the nursery or build a swing set, or plan for college, you need to have a plan for who will take care of your children if something happens to you. Estate planning for young families is very important. Therefore, when working with families we not only ensure your financial and medical wishes are understood and taken care of, but we also plan for who will take care of your children in case you cannot.

Did you recently get divorced or remarried?

If you have recently gotten divorced or remarried, and you have children, having your estate plan in place is very important. We help blended families make sure that each spouse’s wants and needs are clearly defined. If you had an estate plan in your previous marriage, it is important to revisit that and update any documents with changes in persons named, and just your name in general if it has changed.

If you and/or your new spouse have children, it is important to plan for your own children as well as each other’s so it is clear that each group is taken care of properly. Taking the time to make wishes clear up front saves a lot of confusion later down the road. Take a look at when you should consider making changes to your plan.

How does retirement change my estate planning?

Does life look a bit different now than it was when you were busy with work and child rearing? Retirement often brings a new season to our lives that comes with changes in income, assets, or even family dynamics. It is a great time to consider updating an existing estate plan to reflect any of those changes. If you are retired and have not created an estate plan yet, it’s never too late! We can discuss all the options for protecting what is important to you in this next season of life whether you want to travel, spend time with grandchildren, or start a new retirement side hustle.

Does your medical diagnosis affect your estate planning?

Have you recently had a medical diagnosis shake up your normal day-to-day routine? Often, this is when we meet a client for the first time. If you do not have estate planning in place, this is an essential time to come in to discuss your wishes with our team. If you already have estate planning in place now is the time to make sure your documents accurately reflect your wishes based on your current medical condition. Unfortunately, a medical diagnosis can change things quickly. Having a plan in place before something unexpected happens will lessen the burden for you and your family members.

Have you recently lost a spouse or other loved one?

Losing a spouse or a child is one of the hardest things in life. We strive to make what happens next easier. If you have an estate plan in place, what does that look like now that your spouse has passed? With the loss a child, we may need to make some changes to their inheritance. If you did not have a plan in place, now is a perfect time to put one together. We offer estate planning appointments in this season of life to help you prepare for the future and to address any needs that come from the death of a spouse or other loved one.

Conclusion

As you can see, there are many seasons in life; some feel joyous while others leave us with a hole in our hearts. Whatever the season, taking a moment to review your plan can make sure your next season is one filled with peace of mind. We look forward to helping you plan for all the seasons of your life! Check out the quick video about this topic.