Generally speaking, it is always a good rule of thumb to consistently monitor your estate plan. As time goes on, various aspects of your life will change, which is why it is always important that your estate plan adapts accordingly. That is why our firm generally advises individuals to review their estate plans at the beginning of every new year. Though we are already in February, it is not too late–however, the sooner you review your plan, the better. Fortunately, our firm has helped individuals across the state of Pennsylvania oversee and update their estate plans as necessary for years.
Understandably, there are various reasons why people do not regularly review and update their estate plans–oftentimes, people feel they are just too busy, or have too much on their plate to go back over something they have already created. However, you may be surprised how much change one year can bring, and how significantly that change may affect your estate plan. Please continue reading and reach out to one of our experienced Pennsylvania estate planning attorneys to learn more about how we can help you update your comprehensive estate plan to better accommodate both you and your family in the new year. Here are some of the questions you may have about estate planning in Pennsylvania:
What factors may warrant an updated estate plan?
There are various aspects of your life that you may not even realize warrant a revision to your estate plan. Some of the most demanding reasons for editing your estate plan in the new year are as follows:
- A new child in the family: If you’ve recently adopted or birthed a child, you must ensure that the child is included in your estate plan immediately.
- A new marriage: Whether this is your first or subsequent marriage, you surely want your assets to go to your current spouse. For example, if you remarry and do not update your estate plan, if you pass away, your former spouse may end up inheriting your assets, which, for obvious reasons, many spouses do not want to happen.
- You wish to appoint a guardian for your underage children: If you have not yet done so, selecting a guardian is an extremely important step in any estate plan for parents with minor children. By doing so, you choose who will raise your child, should you pass away or become unexpectedly incapacitated.
- A beneficiary in your will has predeceased you: If you do not update your estate plan after such an event has occurred, there will most likely be confusion upon your passing as to who will receive the assets allotted to the person in question.
These factors are only the tip of the iceberg when it comes to reasons for updating your estate plan, which is why we recommend doing so yearly. Our firm is more than happy to help you do so both efficiently and cost-effectively to ensure your assets, and family, are in good hands.
Contact our experienced Pennsylvania firm
Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. We proudly serve clients facing a wide range of legal matters. If you require the services of an effective attorney, please contact Friedman Schuman today to schedule a consultation.