Wiener and Wiener LLP
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Does an estate plan require updating?

On Behalf of | Feb 23, 2021 | Blog, Estate Planning |

Anyone who takes proactive steps to perform estate planning deserves some accolades. Many people do not perform any estate planning, setting beneficiaries up for potential problems in Pennsylvania courts. Signing off on several estate planning documents represents an accomplishment.

That said, estate planning is not about “getting things done once and for all.” The process may require revisiting and performing revisions. How often someone might change estate plans depends on several factors.

Circumstances and life may change

A person could receive a massive inheritance, or a business might experience incredible growth. Perhaps the economy skyrockets leading to substantial returns on investments. The new, impressive net worth might lead to reconsidering how a will divides assets. After all, more wealth indicates more significant assets.

Do all the assets need to go through a will and probate? Maybe setting up more joint accounts and beneficiary designations seems advisable. Tax considerations might weigh on the testator’s mind, so devising ways to legally address beneficiary tax obligations might help.

Have there been any changes to the number of potential beneficiaries? The arrival of a new child or grandchild may change things. Adding stipulations to address the child, or someone else, might not be something to delay.

An overall picture of estate planning

A will doesn’t only deal with wealth distribution. With the arrival of a new child, maybe guardianship requires addressing in the will. And perhaps the will needs a new executor named, as the current one now appears unreliable.

A will might not be the only thing to focus on when performing estate planning. Someone who suffers from an illness may consider drawing documents related to a living will, a health care proxy, or even power of attorney. A retiree might find power of attorney helpful if he/she wants a close relative to handle some financial responsibilities on his/her behalf.

Estate planning responsibilities may change, so Pennsylvania residents might need to change with them. An attorney could assist with devising any necessary revisions.