Estate planning is not a one-time task. As life evolves, so should your estate plan. Major life changes can significantly impact your financial and personal circumstances, and keeping your plan current ensures your assets are distributed according to your wishes.
When to Update Your Estate Plan
Marriage or Divorce
Changes in marital status can profoundly affect who you want to inherit your assets or make decisions on your behalf. After a marriage, you'll likely want to add your spouse as a beneficiary and decision-maker. After a divorce, you'll want to remove your ex-spouse from your estate documents.
Birth or Adoption of a Child
A new child means updating beneficiary designations, adding guardianship provisions, and potentially creating a trust to manage assets for a minor.
Death of a Spouse or Beneficiary
If someone named in your estate plan passes away, you need to designate new beneficiaries, executors, or trustees.
Significant Changes in Assets
Buying or selling a home, receiving an inheritance, starting a business, or acquiring significant investments should all trigger a review of your estate plan.
Relocation to a New State
Estate planning laws vary from state to state. If you've moved since your last review, make sure your documents comply with your new state's requirements.
What to Review
Your will and trusts — ensure beneficiaries are still accurate and reflect your current intentions.
Power of attorney — confirm the individuals named to make financial decisions on your behalf are still appropriate.
Healthcare directives — reassess whether the person making medical decisions on your behalf is still the right choice.
Beneficiary designations — review designations on life insurance, retirement accounts, and financial accounts. These override your will.
Guardianship provisions — if you have minor children, ensure your designated guardian is still willing and able to serve.
Tax implications — consult with an attorney to understand how life changes affect your estate's tax exposure and explore strategies for minimizing taxes.
If you've experienced a major life change, contact the attorneys at Ament Law Group at (724) 733-3500 to update your estate plan.
Need Help with Your Estate?
At Ament Law Group, P.C., we help Pennsylvania families protect their wealth and plan for the future. Whether you need a trust, will, or probate administration assistance, our team is here to guide you every step of the way.
Call us today at (724) 733-3500 to schedule your consultation.