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Heritage Tree LogoWhy You Should Update Your Estate Plan in Pennsylvania

Your estate plan is hardly ever done. Be sure to update your plan every three years or after any big life changes. Our skilled estate planning attorneys are committed to ensuring that you and your future are protected.

Why should I update my estate plan?

It is highly advised that if you have an estate plan that has not been updated in over three years, that you take a look at it and think about making some modifications. Estate plans should also be reexamined after certain events occur in your life that can alter your lifestyle and needs. The most typical events that should prompt you to reach out to your estate planning attorney can include any of the following:

  • Executors or trustees become inappropriate: Circumstances change and sometimes the people we elected in our estate plan are not the most suitable fit for our needs anymore. For instance, the people you chose may be unable to perform the tasks as you would like them to have, someone else may be a better choice, or someone has aged, moved away, or passed away.
  • Your retirement plan is outdated: One of the biggest mistakes in estate plans is the failure to renew the beneficiary designations of IRAs, 401(k)s, and other retirement plans.  Beneficiary designations also establish who gets annuities, life insurance, some financial accounts, and some other assets. Make sure to review each of these forms and amend them if desired.
  • You moved to another state: Each state has its own estate planning laws, which is why it is critical that you update your estate plan as soon as possible after moving to a new place. In some states, there may be variations in the number of witnesses required in order for a will to be valid, while in other states, depending on where you live, may make a spouse inherit a minimum share of an estate.
  • There is a change in your affection: Usually, this means there has been an addition to the family. This can refer to a new child or grandchild. It is crucial to update your documents to reflect this change so that your added family members can be included. There also may be times where you would like to remove someone from your estate plans, such as after divorce or death. No matter what the conditions are, it is important that your plan follows your current life situation.

CONTACT OUR EXPERIENCED PENNSYLVANIA FIRM

Whether you are dealing with matters involving estate planning, estate administration, or elder law, you need a legal team that you can feel confident will represent your best interests, every step of the way. We are that legal team. Contact Heritage Elder Law & Estate Planning today so we can get started.

Estate Planning & Probate

Whether you’re looking to secure your family’s future, protect a loved one’s assets or provide a loved one with the financial assistance he or she needs to afford long-term care, we are committed to serving your needs. We consistently offer creative and effective solutions to your most complex and sensitive estate planning needs and help your wishes come to fruition through our probate service.

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Elder Law, Medicaid Planning & Asset Protection

Everybody’s life is full of both expected and unexpected challenges. With our experience with elder law issues, we can help you enjoy the later years and retain full control over decisions that directly impact you. The attorneys at Heritage Elder Law & Estate Planning view every challenge as an opportunity. We can help you or your loved one today.

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