When you hear the word ‘transition’ what does that mean to you? Dictionary.com defines transition as a movement, passage, or change from one position, state, stage, subject, concept, etc. to another, i.e., the transition from adolescence to adulthood.
We all experience transitions in our life. There can be expected life transitions such as graduating from high school, leaving home, entering college, entering the service, etc. It can be a transition from one job to another, or a transition from one relationship to another, or transitioning from dating to marriage. Marriage is always a significant transition with all of the change that comes with that type of commitment. However, what about the transition from being a childless couple to one with a child, or two or even three? What about retirement? What about the loss of a loved one?
The longer we live, the more transitions we undoubtedly will face. A significant transition in life is one where a decision is made to leave employment by someone else and decide to be in business for yourself. For anyone who has made this transition, you know all the emotions and stress it can bring.
As transitions occur in one’s life, it is important to review and consider your estate planning and the appropriate estate planning documents that follow the transition you are making. Professional estate planning can help with the transition any one is facing.