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Estate planning is not a one-time affair

Many people in Pennsylvania might believe that not having an estate plan is the biggest problem associated with these plans. Certainly, the lack of any proactive steps to protect one's estate can be an issue but so too is having an outdated plan. Estate planning is not something people should do once and consider it done. The tools used in creating a good plan should be considered living documents according to Forbes.

There are many situations and circumstances which may necessitate a change to an estate plan. One of these is outside anything an individual has control over and that is a change in the tax law. Many estate planning tools may be chosen specifically or largely for their tax advantages but a single change to the laws in this area may have major implications for these choices and tools.

Fidelity Investments notes that any personal life events that change the makeup of one's inner circle should also trigger a review of an estate plan. This includes the birth or adoption of a new child or grandchild, marriage or divorce of one's self or heirs and the death of anyone who was previously identified as a beneficiary in the plan. 

Significant shifts in a person's portfolio are also things that require a fresh look at an estate plan. This could include the purchase or sale of assets or a dramatic increase or decline in the value of a particular asset. Out-of-state moves also make updating an estate plan a priority.

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