An estate plan is important regardless of age, wealth, or family situation. It ensures that your wishes are followed, your loved ones are provided for, and your assets are distributed the way you specify

A will takes effect upon death, detailing asset distribution, while a trust manages assets during your lifetime and after death. An essential distinction between the two is that trusts must be funded and require assets to be transferred (re-titled) into them. Failure to fund a trust could render it invalid.

A power of attorney is a legal document that grants someone else the authority to act on your behalf in financial, legal, or medical matters if you become unable to do so through incapacity or illness. Having a power of attorney in place ensures that someone you trust can make decisions on your behalf instead of leaving those decisions to the state.

It’s advisable to reassess your estate plan annually or if any of the following events occur to ensure your plan remains effective:

• A beneficiary passes away
• A family member is born who you’d like to include in your estate plan
• You get married, or divorced
• A fiduciary named in your plan passes away
• You get a new job or retire
• You sell or purchase a significant asset
• You move out of state or out of the country

*this list is not all inclusive. If you’re not sure whether you need to make a change to your estate plan, contact your attorney.