Life is constantly changing, and your estate plan should reflect those changes. It’s important to revisit and revise your Pennsylvania estate plan on a regular basis, and especially after major life events. Check out this website to find a more certified lawyer. Here are some steps to take when updating your estate plan after major life changes.
Review Your Estate Plan
The first step in updating your estate plan is to review your existing plan. This will help you identify any areas that need updating or changing. You should review your will, trust, beneficiary designations, powers of attorney, and any other estate planning documents that you have.
Major Life Changes That Can Affect Your Estate Plan
Major life changes that can impact your estate plan include marriage, divorce, the birth or adoption of a child, the death of a spouse or family member, a significant change in financial circumstances, and a move to another state. These events can impact your estate plan, and it’s essential to update your plan accordingly.
Update Your Will and Trust
If you have a will or trust, it’s essential to update these documents to reflect any major life changes. For example, if you’ve had a child, you may want to name a guardian for your child in your will. If you’ve gone through a divorce, you may want to remove your former spouse as a beneficiary or executor of your estate.
Update Beneficiary Designations
If your life circumstances have changed significantly, it is time to review your beneficiary designations on your life insurance, retirement accounts, and other assets. If you’ve gone through a divorce, you may want to remove your former spouse as a beneficiary.
Update Powers of Attorney
Powers of attorney allow someone to make financial and healthcare decisions on your behalf if you’re unable to do so. Changes in your life circumstances may necessitate revising your powers of attorney to reflect your new preferences.
Consult with an Estate Planning Attorney
Updating your estate plan can be a complex process, especially after significant life changes. It’s essential to work with an experienced estate planning attorney who can help you navigate the process and ensure that your updated plan reflects your current wishes. An attorney can review your existing plan, recommend updates and changes, and ensure that your updated plan is legally valid.
