Getting around to making an estate plan is hard enough for Pennsylvania residents, as it forces them to think about how their assets will be distributed after they are no longer there. However, there is a common misconception that creating an estate plan is a one-and-done deal. Those who have made an estate plan should not think their work is done—they need to reviewed and revised regularly.
Depending on one’s situation, the timing for updating an estate plan can vary. Irrespective of other factors, estate plans should be reviewed every three years. However, if tax laws change before that, then steps should.be taken to make an estate plan reflect those changes. There are also some other common events that might take place that should make people reconsider their decisions.
Estate planning laws are not uniform across the country, so when moving, it is good to know how to adapt one’s medical directive or living will to the new state. Additionally, acquiring property in another state would require similar revisions. When there is an addition in the family, either in the form of offspring or spouses, steps might need to be taken to include them in the documents. Additionally, someone might have to be deleted from an estate plan, perhaps after a divorce or after a death.
When assets or liabilities change, retirement plans become outdated and executors become inappropriate, it might be wise to update one’s estate plan to reflect those changes. Timely updates ensure one’s assets are distributed the way intended and loved ones are taken care of. It might be helpful to consult an experienced attorney for guidance on how estate plans can remain up-to-date.