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When should I update my estate plan?

On Behalf of | Aug 17, 2022 | Estate Planning

If you have an existing estate plan in Pennsylvania, you know how important it is to have your affairs in order for your loved ones.

Estate planning is a necessary and helpful tool to give both you and your loved one’s peace of mind, but you should revisit your plan periodically to make sure it is still accurate. Here are a few instances of when you should update your estate plan.

Out-of-state move

Because estate planning laws are different in each state, your estate planning may have some gaps if you move to another state. If this is the case, you should update your estate planning documents for the new state right away to avoid invalidating the plans you have already made.

Beneficiary change

Family dynamics often change, and this can affect estate planning. If you want to add or remove someone from your will or as the executor of your estate, you should update your plans immediately. Additionally, if you need to update beneficiary information on your retirement accounts, updating your will is not enough. You need to update this information on each account because the account information will take precedence over what the will states.

Increase or decrease in assets

Updating your estate planning information is vital if you make or lose a significant amount of money, as this will affect the division of assets. Also, if you have bought or sold property or acquired or liquidated a business, these changes warrant an update of your existing plan.

Revisiting your estate plan from time to time can help you protect your loved ones’ future and give you peace of mind.