When Should You Update Your Estate Plan? Key Life Events to Watch

It is a good idea to review your estate plan periodically and after major life changes to determine whether any updates are needed. If, however, there’s been a major change in your life, it should inspire you to update your estate plans in response. Estate planning is an important endeavor, but it is also legally challenging, which makes getting it right critical. Because your peace of mind is key, our experienced Allegheny County estate planning attorneys at Anderson Law Firm are here to help.

Your Will and Other Estate Planning Tools Should Be Specific

To ensure your will and other estate planning tools reflect your wishes and are carried out accordingly, be specific. Beneficiary language should clearly reflect your intentions. Depending on your goals, an estate plan may identify beneficiaries individually or use a defined class such as ‘my children’. And for beneficiary-based tools like trusts, you’ll also need to list the names of your beneficiaries.

Clear, current estate-planning documents can help reduce ambiguity and the risk of disputes or mistakes. In Allegheny County, your Last Will and Testament will be probated by the Register of Wills, which is part of theAllegheny County Department of Court Records, Wills & Orphans Division, in Pittsburgh.

Major Life Events That Often Lead to Updates

Several big-picture life changes often require you to update your estate planning tools.

If You’ve Married or Divorced

If you either marry or divorce, it is time to reevaluate your estate plans. Spouses often get top billing in estate plans and often serve as executor. Further, if the person you’ve named is your spouse, you’ll very likely want to make the necessary adjustments.

If You’ve Had a Child or Grandchild

If you’ve had a child or have adopted a child, adding their name to your will is well advised. Being specific and clear helps reduce the risk that your will won’t reflect your wishes or will be contested. The same is true of any new grandchildren.

If There’s Been a Death in the Family

If a beneficiary dies before you, review your estate plan to determine whether its existing terms and Pennsylvania’s default rules still produce the result you intend. This becomes especially important if you named the person to fill a key role, such as executor, agent under a power of attorney, or trustee.

If Your Finances Have Changed Considerably

If your finances have changed considerably, we always recommend discussing the matter with a seasoned estate planning lawyer. Prime examples include:

• Starting, buying, or selling a business
• Buying or selling real estate
• Experiencing a major shift in your net worth
• Receiving a substantial inheritance of your own

Turn to Our Experienced Lawyers for the Help You Need

Our capable estate planning attorneys at Anderson Law Firm understand the importance of your estate plans. If you are in Allegheny County, we are well prepared to help you create an accurate reflection of your wishes and keep it updated. Learn more by contacting us online or call 412-209-3200 today.