Updating Your Estate Plan: What You Need To Know
One thing is certain: Life is always changing. The estate plan you created years ago may no longer reflect your current circumstances or wishes.
As your life evolves, so too should your estate planning documents to protect your assets.
At Sikov and Love, P.A., we help Pittsburgh area residents review and revise their estate plans to accommodate significant life changes. Since 1952, our attorneys have guided generations of families plan for their futures.
Why Update Your Estate Plan?
An outdated estate plan can create serious complications for your loved ones. Changes in family dynamics, financial circumstances or laws can render previously sound plans ineffective.
Reviewing your estate plan periodically offers several benefits:
- Avoid unintended beneficiaries receiving your assets
- Prevent family conflicts after your passing
- Adjust for changes in tax laws
- Maximize protection for your current family structure
These benefits highlight why regular reviews are an essential part of responsible estate planning.
Life Changes That Necessitate Estate Plan Updates
Several life events should trigger a review of your estate planning documents:
- Marriage or remarriage that affects beneficiary designations
- Divorce that requires removal of a former spouse
- Birth or adoption of children or grandchildren
- Death of a spouse, child or named beneficiary
- Significant changes in your financial situation
- Relocation to a different state with different laws
- Changes in tax legislation affecting estate plans
Addressing these changes promptly helps maintain an effective estate plan that achieves your goals.
Steps To Update Your Estate Plan
Updating your estate plan involves more than simply changing a few words or names around. A comprehensive update should include these important steps:
- Consultation with an experienced estate planning attorney
- Review of all existing documents, including wills, trusts and powers of attorney
- Discussion of changes in your life circumstances
- Evaluation of current tax laws and how they affect your estate
- Revision of necessary documents to reflect your current wishes
These steps help create a plan that accurately reflects your current wishes and circumstances.
Contact Our Pittsburgh Estate Planning Lawyers
Contact our Pittsburgh office at 412-567-1236 or through our online contact form to schedule a consultation with one of our dedicated estate planning attorneys.