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Is it time to update your estate plan?

On Behalf of | Apr 15, 2020 | Estate Planning | 0 comments

Pennsylvania residents who have an estate plan already must keep it up to date. Why? Because you want your estate plan to reflect your most current life circumstances. If it does not match up, you risk your loved ones running into legal trouble.

Today, we will look at some of the most advantageous times to update your estate plan. These are also some of the times people are most likely to update plans in general.

Do I need a reason to update my estate plan?

Forbes discusses some reasons you may have to update your estate plan. They often have to do with major changes in your life. But first, know that you do not need to wait for a specific time to change your estate plan. You can change it at any time for any reason. In fact, some experts suggest that you edit it every certain number of years even if there are no life changes. This way, you ensure everything is up to date and reflects your wishes accurately.

Popular situations to update estate plans

That says, there are some situations in which you will want to update your estate plan as soon as possible. For example, let us say your family dynamics have changed. Do you want an ex-spouse to get anything from your estate? The answer is likely no. If you remarry or marry for the first time, you want to include your spouse.

Other changes involve those to your finances. This is crucial because it determines who gets what after you pass on. You do not want to give away things you do not have if you end up falling into debt. You also do not want to leave assets unaccounted for if you gain anything new.

Keeping your plan updated ensures you avoid these problems. It is a good preventative strategy for anyone with an estate plan.