It is important to update your estate plan as life changes. Revisiting your estate plan in the new year is a great way to make sure that your assets are going exactly where you want them to. Continue reading and reach out to our skilled Montgomery County, PA wills, trusts, and estates attorneys today to learn more.
What aspects of my estate plan may need modifications?
Oftentimes, life is unpredictable. As a result, it is advised that you change your estate plan to reflect these life shifts. Continue reading to learn about the many scenarios and details of your estate plan that may require changing. They include:
- You newly had a child and wish to select a guardian: If you just had a child, this part of your estate plan should be your first priority. This is because if you were to pass away while your child is still a minor, your child’s guardian would be chosen by the court.
- You were recently married (or divorced): Marriage and divorce play a huge role in estate plans. For instance, if you recently divorced and you were to pass away while your former spouse is still a beneficiary of your will, he or she will likely obtain those assets.
- A new child in the family: In the event that you or your children newly birthed or adopted a child, you may want to review your estate plan to assure asset distribution better reflects your newly-expanded family once the moment comes.
- One of your beneficiaries has predeceased you: On the other hand, if one of your beneficiaries has recently passed away, you should revise your estate plan to match this change. If you pass away and certain assets are still set to go to someone who is already deceased, it can result in severe disorder amongst your family.
- Tax laws have changed: Even something as standard as a change in the tax law in Pennsylvania can be a good reason for retaining the services of an attorney to check your estate plan to ensure everything is level.
To learn more about why you should update your estate plan in the new year, reach out to our skilled firm today. With the help of one of our Montgomery County, PA wills, trusts, and estates attorneys, you can ensure you obtain the legal support you need to make sure that you and your future are covered.
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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.