When Pennsylvania residents get their estate plan completed and executed, they probably feel a great sense of relief. No problem with that – it is something to take pride in, since many people never even get around to having an estate plan drafted. But, once the plan is done, you can’t just set it aside and never think about it again. When certain events in life occur, it may be time to review your estate plan for potential updates.
So, is it time to review your estate plan? As stated in a recent news article, “major life events” should usually trigger a review of your estate plan. But, what does that mean? Well, for you or your beneficiaries, events such as a marriage, divorce, the birth of a child or a death, for example, would usually qualify as an event that should trigger an estate plan review. Why? Well, because in the aftermath of such an event, your estate plan may no longer be up to date.
As you review your estate plan – whether it is months or years after it was originally drafted – think about the following questions: Should the distributions in the plan change? Should designees in your power of attorney documents change? Do you need to make new beneficiary designations? Does the whole structure of the plan need to be changed?
Your plan, your needs
These questions, among others, will be part of any comprehensive review to determine whether or not your estate plan needs to be updated. And, even if you have not had any “life-changing” events occur in your life, it is still a pretty good idea to review your estate plan every once in awhile. Your plan might require changes based on your needs.