Davidson Law Group Explains the 5 D’s of Estate Planning

Estate planning is a complicated process. It’s more than just filling out paperwork to let the legal system know who gets what after you pass away. You have to plan carefully for your finances while leaving room for any life changes you may experience. Today’s blog from Davidson Law Group discusses the 5 D’s of estate planning as they pertain to updating your estate plan documents.

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1. Divorce

If you get a divorce or change your marital status, you should revisit your estate planning documents. You’ll need to update the list of people authorized to make medical, legal, and financial decisions on your behalf. Consider changing the name of your executor who would control the assets of your trust or will. Remember to look at the beneficiaries of life insurance policies and retirement accounts.

2. Decade

When you reach a new decade of your life, take a look at your estate planning documents. Davidson Law Group recommends you take a look at your estate plan every couple of years once you get to age 60. Every decade is a time to re-evaluate your situation. It’s also a great time to talk to an estate planning attorney about any changes to laws or taxes since the last time you checked on your estate plan.

3. Diagnosis

A new medical diagnosis may prompt you to take a look at your estate planning documents. That’s because you may face immediate health care costs that aren’t covered by insurance. Further, your health insurance premiums could go up. You’ll also want to look at forms for power of attorney, advanced medical directives, and do not resuscitate orders.

4. Decline

A notable decline in your physical or mental health provides a time to look at your estate planning documents. You might examine long-term care costs, such as in-home nursing care or assisted living facilities that offer various levels of care. You can start saving with proactive planning once you discover the decline, and then crisis planning may come into play later in life. Davidson Law Group can help you plan for both contingencies. 

5. Death

There are a number of reasons to revisit your estate plan when the death of a close relative or loved one happens. An unexpected inheritance could change your financial assets. If the deceased person was an executor or beneficiary of a trust or will, you’ll have to revise your estate planning documents accordingly.

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Estate Planning at Davidson Law Group

Davidson Law Group has experience in elder law and estate planning. Each person’s situation is different, which is why our attorneys help you develop an estate plan customized to your needs. Contact our law firm today in Fort Worth, Allen, or Tyler for more information or a free consultation.