As a resident of Pennsylvania, having an estate plan is of utmost importance. However, it isn’t enough to just write an estate plan and leave it unchanged for years. Your estate plan should be updated at many different points in your life to ensure that it reflects your most current desires and wishes as accurately as possible, rather than reflecting something outdated.
Forbes takes a look at some different reasons as to why it may be time for you to update your estate plan. The first has to do with changes to the law. Have marital laws changed? What about tax laws? Estate plans often rely on laws that fall under these two categories, so one that references laws that are no longer in place could become a problem.
Life changes are also a good reason to update your estate plan. This may include getting married, divorced, or discovering that a child has a learning disability. Different needs will come from these situations, meaning estate plans should be adjusted accordingly. Moves can also be a reason to change, especially if they are out of state or out of the country.
Finally, ensure that your financial situation is correctly documented. Plenty of things can change for you financially between first drafting your estate plan and the current day. You may have suffered through debt and bankruptcy, or you may have found yourself coming into money through means of inheritance, lottery, or something else. Just be sure that your estate plan is handling things under the current circumstances rather than an earlier set.