When was the last time you made changes to your estate plan?
How long it was between the last time you changed your estate plan and now can be a large deciding force as to whether you should make any changes to your plans. It’s typical for many people to update their estate plans every three to five years. This helps people account for new assets they may have accumulated over the years, and new situations in their lives.
Did you recently move to a new state?
Each state has unique estate planning laws. If you recently moved, then your estate plans may not account for Pennsylvania laws. It may be crucial to make changes to your estate plans soon so there are no difficulties for your beneficiaries.
Who did you name as beneficiaries?
Relationships can change over the years. Who you put in your estate plan to gain from your estate may not be someone you wish to include now. You may be considering removing a beneficiary from your estate plan.
Furthermore, a beneficiary may have passed away in the last year. Leaving the deceased person in your estate plan may create difficulties when it comes to distributing assets. To avoid this issue in the future, you may consider adding secondary and contingent beneficiaries to your plans.
Did you have a child?
A lot can change once someone has a child. If you’re a parent, you may be considering altering your estate plan to plan for your child’s future. You could, for example, set up a child guardian who would take on the role of raising your child if anything happened to you. Or, you may put aside assets in a trust fund to help your child go through higher education.
It’s important to make updates to your estate plans regularly. Seeking legal guidance can help you as you explore your estate planning options.