Are there times to change your estate plan?

On Behalf of | Mar 4, 2022 | Uncategorized

Writing a will represents a responsible step someone could take to help Pennsylvania family members and other beneficiaries. A will may reflect one component of a comprehensive estate plan, as other documents might address financial and health matters. While taking steps to draw up an estate plan is laudable, the actions may not be the final steps. At some point, altering an estate plan could be a good idea.

Life changes lead to estate plan changes

An estate consists of assets and liabilities, and an estate’s value could increase dramatically due to increased income, returns on investments, and more. Significant influxes of wealth may motivate decisions to revisit a will. Depending on the circumstances and beneficiaries involved, a trust might be preferable to a will.

Other life changes could lead to revising estate plans. Families welcome new additions through births and adoptions. People get married or, unfortunately, divorced. Removing an ex-spouse from various documents might be a critical duty when revisiting estate plans.

Serious concerns about estate plans

Sometimes, changes may be necessary to correct mistakes. Naming an unreliable person as executor, for example, could lead to legal problems.

Financial and health issues may lead to devising power of attorney documents. One POA form could appoint financial authority, and the other document might serve as a health care proxy. An illness or other unexpected incidents may move someone to choose an attorney-in-fact. For older persons, transferring certain authorities to a relative could be in their best estate planning interests.

Even if nothing prompts any reasons to make changes, performing an annual review of estate plan documents seems prudent. Perhaps re-examining the documents may prompt revisions.

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