As a parent, spouse and daughter, I know that life is always in flux.
In fact, I've come to embrace a lot of this change which, from the outside, can seem like chaos. (Hard to remember in the moment, but taking a couple of deep breaths reminds me of what’s truly important!)
When our life changes, we can’t forget how this affects other people. Do we need to add or remove beneficiaries in our estate? Do old plans for incapacity need to be amended?
Changing circumstances dictate the need to update my plans for the future. Changing my lineage plan based on my own personal development helps to ensure that all of my documentation and strategies for the future truly reflect where I'm currently at and where I'd like to be in the future.
Your own decisions to update your lineage plan might occur as a result of a variety of different circumstances, such as a divorce, moving to a new state, a loved one who has recently begun to experience health issues, large changes in net worth or a liquidity event, a new beneficiary like a grandchild, or even involvement with a charity you're passionate about. All of these circumstances make it easier to decide what your future will look like with regard to lineage planning.
What's your lineage?