WHEN TO RE-EVALUATE YOUR ESTATE PLAN

An estate plan is not something you put together and then never touch again. You estate plan can and should be molded to fit your changing needs throughout your life.

Here are a few major life events that should cause you to re-evaluate your estate plan to make any necessary changes:

  1. Getting married.
  2. Having children
  3. Large purchases such as buying a house
  4. Getting a divorce
  5. The death of a spouse or child
  6. Opening new financial accounts
  7. Changes in beneficiaries

You should also make sure your attorney is up-to-date on any changes in the law regarding your estate plan, including estate tax and inheritance tax laws. You may need to make changes to the technical aspects of your will or other important documents to make them legally valid once new rules go into effect.

REF: Bankrate.com, Leaving a Legacy: Why everyone needs an estate plan

Kindly visit our Estate Planning with Wills or Advanced Estate Planning websites or contact one of our Estate Attorneys, Philadelphia or Estate Planning Attorneys, Philadelphia for more information on this topic.