Even if you have your estate plan made, it does not mean it is complete. It is important to update your estate plan so that it is always conformed to your lifestyle changes. Contact our experienced Pennsylvania estate planning attorneys to learn more about how to go through the modification process.
Why should I update my estate plan?
If your estate plan is older than three years, it is likely time to reevaluate it and consider making some modifications. Estate plans should also be reconsidered when particular events occur in your life. This is so that your estate plan can reflect your constantly evolving lifestyle and needs. Below are some of the most typical situations that should prompt you to reach out to your estate planning attorney:
- You moved to another state: It is important to know that because each state has its own estate planning laws, it is important that you refresh your estate plan shortly after moving to a new place. For example, in some states, there may be variations in the number of witnesses required in order for a will to be valid, while other states may require that a spouse obtain a minimum share of your estate.
- There is a change in your affection: This is typically in regards to when there is an addition to the family such as a new child or grandchild. It is necessary to update your plan documents to match this change so that your added family members can be involved in your future plans. There also may be cases where you would like to eliminate someone from your estate plan, for example, if there was a divorce or death. Regardless of what the conditions are, it is important that your estate plan is accurately representative of your current life situation.
- Executors or trustees become inappropriate: As previously stated, situations change, and sometimes the people we appointed in our estate plan are not the best fit. For instance, they may be unable to perform the jobs as you would like them done, someone else may be a better choice, or someone has aged, moved away, or passed away.
- Your retirement plan is outdated: One of the greatest errors in estate plans is the failure to renew the beneficiary designations of IRAs, 401(k)s, and other retirement plans. Beneficiary designations also control who gets annuities, life insurance, some financial accounts, and some other assets. Be sure to examine all these forms and change them if you wish to.
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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.