10 Reasons To Update Your Estate Plan

Couple signing estate planning documents

If you have never created an estate plan, it is absolutely something to strongly consider. An estate plan provides protection for your assets and gives you a say in how your assets transfer at the time of your passing. Passing without an estate plan leaves control over “who gets what” to Pennsylvania law, and most people are quite surprised at the manner in which assets transfer.

If you have an estate plan, you have already made these important decisions. However, keep in mind that your plans can change over time. An estate plan is something that should be reviewed on a regular basis and updated as necessary. Consult with an estate planning attorney following any significant change in your life, as it is possible for certain changes to affect your estate plan.

Here are the 10 Most Common Reasons to Review and/or Update Your Estate Plan:

  1.  A marriage or divorce takes place.
  2.  A child is born or is adopted.
  3.  A child turns 18 and/or a child goes to college.
  4.  You move in with someone (whom you may not plan to marry).
  5.  A substantial change takes place in the value of your assets.
  6.  You move to a different state.
  7. Someone named in your estate plan (beneficiaries/executors/trustees) passes or experiences a significant event in their life.
  8. A change occurs in tax laws or laws related to estates and probate.
  9. You are nearing age 72.
  10. You’ve had a change of heart.

If any of the items listed above apply to you, take a moment to review your estate plan to make certain it is aligned with your goals.

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Pittsburgh Family Law Attorneys

Liberty J. Weyandt is dedicated to assisting clients who are seeking solutions to complex family law and estate planning matters. In addition to traditional litigation experience, Liberty is a trained Collaborative Law attorney and Mediator. Please contact Liberty at (724) 776-8000 or lweyandt@lynchlaw-group.com if you would like to discuss any of these life scenarios in relation to your estate plan.

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