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When is it time to update your existing estate plan?

On Behalf of | Feb 24, 2020 | Uncategorized

Creating your estate plan is just the first step in securing your assets and protecting your heirs from financial hardships. It is not necessary to visit your estate planning lawyer’s office regularly to update your plan. However, there are times when major life changes indicate a need to revise your existing arrangements.

Many residents in the Altoona region of Pennsylvania do not realize that estate planning may need to be revisited from time to time. Below, you will find three reasons why you may need to make changes.

  • Marriage or divorce: Anytime you add or remove a family member from your life, make sure you do so in your estate planning documents as well. If you get a divorce and fail to revise your plan, your assets may pass on to your ex in the event of your death.
  • Financial changes: Whether you receive a sudden windfall or experience a financial crisis, make sure to update your plan accordingly. This protects any new assets you acquire and protects your current assets if a crisis does occur.
  • Children or grandchildren: When new children are born into your life, you will need to revise your estate plan. This ensures that if you pass away, your will and other documents include your new family members.
  • Other common reasons: You move to a different state; your retirement plans change; you wish to assign a new estate administrator.

Although estate planning need not be a tedious chore, it does require your ongoing involvement to remain effective. Take your questions and concerns to a qualified attorney if you would like to learn more about keeping your plan updated properly.