Insights from The Orlando Senior Help Desk: Review your estate plan today

Caregivers entrusted with lives beyond their own should ideally join the 40 percent of Americans who have crafted a will or other estate-planning document. Yet, even the most meticulously prepared estate plan requires periodic review to ensure alignment with life’s twists and turns.

Here are five critical life events necessitating a review of your estate plan:

1) Birth or adoption: Welcoming a new child requires updating your will to designate guardianship. Consider establishing trusts for children or grandchildren to manage assets effectively.

2) Marital status change: Whether marrying, divorcing, or remarrying, ensure your estate plan reflects your current wishes including beneficiary designations for IRAs and life-insurance policies.

3) Financial change: Significant financial changes, like inheritances or asset acquisitions, warrant revisiting your estate plan. Aging and retirement may also necessitate adjustments.

4) Illness or disability: Family members’ health challenges may prompt establishing trusts or powers of attorney for financial and healthcare decisions.

5) Death: Loss within the family may require updates to wills, trusts, or appointed roles.

If three years have elapsed since you last reviewed your estate plan, or any of these life events have occurred, consult an estate-planning attorney for a thorough review.

Additionally, for seniors transitioning to elder-care communities, resources like The Jewish Pavilion offer vital support by fostering cultural ties and inclusivity. The Pavilion provides various programs and resources for Jewish seniors and welcomes individuals of all faiths.

To further aid seniors and caregivers, the Orlando Senior Help Desk at The Jewish Pavilion offers assistance in navigating eldercare challenges, alleviating stress, and providing guidance on a wide range of issues.

For more information, visit JewishPavilion.org or contact the Orlando Senior Help Desk at 407-678-9363 or OrlandoSeniorHelpDesk.org.