If you already have an estate plan in place, you may feel that you have everything ready for your loved ones and the legacy that you intend to leave. However, it is important to remember that in an ideal scenario, an estate plan should be regularly updated and tweaked to reflect changing life circumstances.
If you are considering whether to take action to update your estate plan in Pennsylvania, it is important that you consider how your circumstances have changed and what you hope to achieve. You should never be complacent, but, instead, review your plan regularly to assess whether it still reflects the current reality. The following are some of the most common reasons why a person should update their estate plan.
You no longer have a good relationship with your trustees or executors
Choosing the executor of your estate and trustees are some of the most important decisions you can make when planning your estate. People holding these positions need to be worthy of your trust, and have good intentions. If you no longer have an appropriate relationship with your executor or trustee, you should take swift action to choose another, more suitable person.
You have gone through a divorce
An estate plan for a married person tends to look notably different to that of a single person. This is because in marriage, a spouse can take advantage of marital inheritance, which has numerous benefits from a tax and fee avoidance perspective. As a newly single person, you will need to create new strategies to create a plan that works for you.
There are new additions to your family
Families are always growing and evolving. If you have a new child or grandchild, it is likely that you will want to include them into your estate plan. If this is the case, it is important to update your estate plan in order to reflect this.
There are many other reasons why a person might need to update their will. If you want to take advantage of new laws or create a more economically efficient plan, it is important to conduct thorough research into estate planning possibilities.