You are entering or are in your midlife (40’s, 50’s, 60’s) and its time to update your estate plan. At this point in your life, you may own a home, perhaps more than one, have acquired significant assets, own a business, and have children. When reviewing your Estate Plan, you should consider the following:
- If you have children who are still minors, creating a Last Will and Testament and naming Guardians for your children in the event of the untimely death of both you and your spouse or partner.
- Make sure that you are both owners of bank accounts or if you wish to keep your accounts separate but wish to avoid probate if one of you passes, either name your spouse/partner as a beneficiary on the account or include a Revocable Living Trust in your estate plan.
- Make sure that your home is owned joint with rights of survivorship, if you wish for the home to transfer to your spouse/partner in the event of your death or consider including a Revocable Living Trust in your estate plan so that property can be passed outside of probate while still receiving the step-up in cost basis.
- Consider including a descendants trust in your estate plan for your children so that assets are distributed to your children over time rather than in a lump sum upon your death.
- Review the beneficiaries on various accounts (IRAs, 401(k)s, brokerage accounts, etc.) to ensure that you have designated your spouse or partner and the appropriate individuals as contingent beneficiaries. If you have children named as beneficiaries who are minors, consider the use of a trust for their benefit rather than naming them individually.
- Review your assets including your insurance to determine if you have a taxable estate and if so, work with an attorney to include estate tax provisions in your estate plan.
At Grissom Law, we work with clients in all stages of life, including individuals and couples in midlife, to develop estate plans that meet their specific needs. Contact us at 678.781.9230 to schedule an appointment to discuss your estate plans.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney-client relationship between you and Grissom Law, LLC.