Welcome to June and All of Its Change

Welcome to June and All of Its Change

By Melinda Gustafson Gervasi

June 3, 2024

June has long been a month known to usher in change, both in terms of the seasonal weather to your daily lifestyle habits. Underneath the long, sun-filled days brought by the Summer Solstice, there are graduations and weddings.  There are cross-country moves and the laying down of roots in a new community.  New jobs bring human resources paperwork for retirement accounts and life insurance.  Our weekend calendars fill up with parties and celebrations.  Once the dust settles, it is important to exhale and assess whether any of these changes warrant you creating or updating your estate plan.  Three key events include:

1. Moving to a new state:  The laws of estate planning and probate are written by state legislatures, meaning the law varies from state to state.  If you created an estate plan ten years ago when you moved to Boston, but have now relocated to Minneapolis, new documents should be created;
2. Graduation and entering the workforce: With diploma in hand, many people walk away from student life and begin their career path.  Along with paid vacation, sick leave, and office holiday parties, many people will be creating retirement plans and acquiring work-based life insurance.  Making a plan for where those assets go upon death is one facet of the estate planning process. 
3. Saying "I Do": Two little words can radically change what happens if you are suddenly too sick to make health care or financial decisions, or if you die.  Not all states make the same assumptions.  If you have said "I Do" do not assume your spouse can automatically make decisions for you if you cannot.  Learn about the laws of your state, and then put your wishes into a legally binding format by creating and estate plan.

Niagara Falls, image by M. Gustafson Gervasi 2024

A blog is meant to spark thought and reflection, it is not intended to be legal advice.  Please consult an attorney in your home state for advice specific to your situation.  Thank you for reading, and be well.