Your Legal Matter Is Important To Us

The importance of updating your estate plan

On Behalf of | Feb 17, 2020 | Firm News

Having a will in Pennsylvania can ensure your assets go to the beneficiaries of your choice, whether it is a piece of art, an item with sentimental value, or the contents of a bank account. Once your estate plan is set up, you should review and revise it occasionally. At Worth, Magee & Fisher, P.C., we often assist clients in updating their estate plan as needed.

According to Forbes, there are specific life events that warrant reviewing your existing plan, including advance medical directives.

Each state has its own estate planning laws. If you have relocated, review the new statutes with which your estate plan must comply. In some cases, the differences are trivial, while in others, they can affect the effectiveness of your current documents. Some states have inheritance taxes. There may also be a requirement that your spouse inherits a minimum share of the estate. Elements of living wills, trusts, powers of attorney and more may have to change from what you originally planned.

Your family changes as you get older. You may add children to an estate plan when you are in your 20s and 30s. At this time, you may name a guardian in the event of your death and decide how to divide your assets. A few years later, there may be a family death or divorce. As grandchildren come along, you may want trusts specifically for college, their marriage or other milestones.

Over time your estate composition also changes. Life insurance, IRAs and 401(k)s may increase its value significantly. A good rule of thumb is to talk with your attorney and revisit your estate plan about every three years. Visit our webpage for more information on this topic.