Estate Planning- When to Update Your Estate Plan
If you already have an update estate plan in place, you may need to update it from time to time. Here are 6 times when you should consider an update:
- Changes in marital status
- Changes in the number of beneficiaries
- Changes in the status of beneficiaries
- Substantial changes in net worth
- Changes in fiduciaries
- Moving to another state
Reference: Gerry W. Beyer (Wills, Trust & Estates Prof Blog) October 12, 2013
Contact our Philadelphia Estate Planning Attorneys with your questions, comments or concerns.
While nobody wants to think about death or disability, establishing an estate plan is one of the most important steps you can take to protect yourself and your loved ones. Proper estate planning not only puts you in charge of your finances, it can also spare your loved ones of the expense, delay and frustration associated with managing your affairs when you pass away or become disabled.
ESTATE PLANNING FOR EACH OF THE EIGHT STAGES IN LIFE
As you age and as certain milestones pass, you need to reassess your current estate plan to determine whether your needs and goals are being met. At each stage in your life, questions that you should be asking yourself include:
- Have I acquired any new assets that require planning? This includes not only making sure to incorporate the new assets into your estate plan but also ensuring that the assets are titled properly so that they do not pass in a way you did not intend.
- Do the beneficiary designations on my retirement plans, life insurance, and other accounts accurately reflect who and how I would like those assets to be transferred in the event of my death?
- Has my domestic situation changed? This generally encompasses all changes related to whom you are living with, such as marriage, divorce, birth of a child or death of a family member.
- Does my current estate plan reflect my goals?