When to Update Your Estate Plan

All adults in Lehighton should have an estate plan that outlines how they want their property distributed upon their death, names a guardian for their children, and more. However, drafting an estate plan is not a ‘set it and forget it’ task. Your life will change inevitably and as it does, so too, should your estate plan. It is important to regularly update your estate plan so you can ensure it still reflects your wishes. Below, our Lehighton estate planning lawyer explains when it is time to update your plan.

Major Life Changes

The only constant in life is change and so, you should review your estate plan any time there is a major change in your life. These can include marriages, births, divorces, deaths, or a serious illness or disability. Any time there is one of these changes in your family, reviewing your estate plan can ensure that it reflects your current family structure and caregiving preferences.

Financial Changes

Any time there is a major change in your finances, it is also a good idea to review your estate plan. Any change in your assets or debts may affect how you want your estate distributed, if you need to implement strategies to reduce the inheritance tax in Pennsylvania, and the value and beneficiaries of retirement accounts, life insurance policies, and real estate properties. Selling property, buying a business, or receiving a significant inheritance are all financial changes that warrant a review of your estate plan.

Interstate Moves

If you are moving to Pennsylvania, or moving out of the state, it is critical that you review your estate plan. If you are moving to Pennsylvania, your old estate plan may not comply with state laws. Additionally, inheritance tax planning may also become more important. Lastly, if you have designated a personal representative, they may find it difficult to visit Pennsylvania to administer your estate.

Your Agents are No Longer Practical

You will name certain agents in your estate plan, such as a power of attorney. If they have become inaccessible or unreliable, it is important to review your estate plan and name someone else. Additionally, if your personal representative has passed away or moved, it is critical that you name someone else so the courts do not appoint someone you would not have chosen.

It Has Been Three Years Since the Last Update

Generally speaking, it is recommended that you review your estate plan approximately every three years. This will ensure it is compliant with changes in the law, that your plan reflects the current ages and special needs of beneficiaries, as well as your goals. Even without major life changes, reviewing your estate plan regularly will ensure it still outlines your wishes.

Our Estate Planning Lawyer in Lehighton Can Review Your Plan

When reviewing your plan, it is also recommended that you work with a Lehighton estate planning lawyer. At The Law Office of Kim M. Gillen, P.C., our experienced attorney will listen to your goals, review your estate plan with you, and ensure any changes are executed properly so your wishes are respected. Call us now at 484-613-0011 or contact us online to schedule a consultation and to learn more about how we can help.

Source:

palegis.us/statutes/consolidated/view-statute?iFrame=true&txtType=HTM&ttl=20&div=0&chpt=3