4 Changes that Could Affect Your Family’s Future
Pavel Semenyuk may have the largest family on earth — 346 living descendants! The clan includes his 13 children, 127 grandchildren, 203 great-grandchildren and 3 great-great-grandchildren. After applying for the Guinness World Record from his home in Ukraine, Pavel’s family has received global acclaim. According to Pavel, the only difficulty with a family so large is, “…I often cannot remember the names of the young ones.”
Most of us will never have to remember even remotely as many names or birthdates as Pavel, and yet it still seems like there’s always a gift to buy or upcoming holiday to prepare for. It’s not uncommon for people to rely on a perpetual calendar to keep birthdays straight, or to create reminders in their phone to trigger timely tasks like dental cleanings, health check-ups or oil changes.
What if you had helpful triggers in place to remind you it’s time to update your Estate Plan? You may be surprised to know, these “triggers” are actually happening all the time! Some include:
- Family changes. An engagement, marriage, divorce, a death, a new child added to the family by birth or adoption, children or grandchildren reaching the age of 18, changes in guardianship or relationships.
- Financial changes. The acquisition or sale of a business or significant asset, changing tax laws, a substantial change in the value of your estate.
- Life changes. An emerging desire to include a charity as a beneficiary, a recent move, preparing for a trip or for turning 70½ years of age (when you will be required to begin taking distributions from your IRA, 401(k), or other qualified plan).
- Time. Most experts advise you should review your Will or Estate Planning documents every 3-5 years regardless of perceivable changes.
Updating your Estate Plan is a fairly simple and wise task. If too many of these “triggers” are left unconsidered, your Will could become obsolete! But planning wisely for the future will bring peace and ensure your loved ones are taken care of.
“Let each of you look not only to his own interests, but also to the interests of others.” Philippians 2:4