When do you need an estate planning attorney in Evanston, Wyoming?

Every adult needs an estate plan to prepare for life’s uncertainties. Many financial advisors recommend starting an estate plan when you turn 18 and updating it every three to five years. This is because, once you become an adult, you become responsible for your financial planning, tax planning, and healthcare decisions, including appointing someone through power of attorney to make these important decisions on your behalf if needed.

Estate planning may not be a priority for most young adults, especially since Wyoming doesn’t impose state estate taxes or inheritance taxes. However, for Wyoming residents who have assets over $13.99 million, having a trust and estate plan can be incredibly helpful in minimizing federal estate taxes.

Additionally, certain life events like marriage, divorce, the birth of a child, or   death of a family member   often require the creation or updating of your estate plan. Whether you’ve just turned 18 or are already well into adulthood, these key life events are important reminders that it’s time to take action:

You’ve Been Married More Than Once

If you’ve been married more than once, estate planning becomes even more important. Marriage brings legal and financial responsibilities, and when blended families are involved, things can get complicated. For example, if you have children from a previous marriage and you remarry, you’ll want to make sure both your spouse and children are provided for. An estate planner will assess your financial situation and help you create a plan to distribute your property amongst your beneficiaries according to your wishes.

You Have Minor Children

A recent   Estate Planning Awareness Survey by WealthCounsel   found that 71% of American adults believe creating an estate plan would make them feel like a good parent. If you have minor children or children with special needs, having an estate plan is even more important to make sure your children are cared for if something happens to you. Writing a will allows you to name guardians for your children, so you know they will be raised by someone you trust. Additionally, if you want to leave assets to your children, your estate planning attorney can help you put protections in place, such as a trust. That way your children don’t inherit too soon or mismanage the funds.

End-of-life planning

A living will allows your loved ones or representatives to know your medical preferences in the event you become incapacitated. It helps them make difficult decisions on your behalf without the stress or guilt of guessing what you would have wanted. Healthcare directives also serve as clear evidence of your wishes, so your healthcare providers can follow your instructions, even if others challenge their decisions.

Speak With an Evanston, Wyoming Estate Planning Attorney

If you need assistance in creating a customized estate plan to protect your future and your loved ones, speak with an experienced estate planning attorney in Evanston, Wyoming today. 

Contact the expert at Watts Law at (801) 630-8309 to   schedule a free consultation.