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To the uninitiated, it may seem like one must have upwards of a million dollar estate and multiple properties to consider estate planning. After all, to justify the high fees that estate planning attorneys charge, one must have a great deal to lose. However, estate planning is something that people at every income level and every stage of their lives.

As such, this post will highlight estate planning components that are relevant for each point of a person’s life.

Engaged to be married – People who are about to merge their lives together, especially if they are just starting out, should have simple wills that dictate how they want their assets distributed, no matter how meager they may be. A prenuptial agreement may also be necessary for those who are entering a second marriage.

Just married – For those who have just said “I, do,” having basic estate planning documents at this stage of their lives is important. These may include a basic will, a power of attorney and a healthcare directive. This way, a new spouse has the ability to make decisions if their new husband or wife is incapacitated.

New parents – New parents have new responsibilities. The most important of which is maintaining an income so that your new bundle of joy does not go without if your become injured.  As such, disability insurance should be purchased in the event an accident leaves you unable to work.

Divorce – It is not uncommon for people to fall out of love after falling in love. So when a marriage ends, a person’s estate plan must change. Beneficiaries and executors must be changed as well.