News

Estate Planning Update Considerations

June 14, 2023

By Raymond M. Roberts, Esquire

There are a number of factors that make the time right for an estate planning update. A few of the questions you need to answer to determine whether you require an update to your estate plan include:

Family Situation

1. Have you divorced, been widowed or remarried?
2. Have you had children born or adopted since you signed your estate plan and need to add them to your will and/or appoint a guardian of the person and/or estate, should you pass away?
3. If you already had children when you signed your will but they reached majority since then, do you want to change how they benefit from your estate plan?
4. Have other new family members been born, such as grandchildren, that you would like to benefit from your estate plan?
5. Have family members named in your estate plan passed away and need to be removed from your will?
6. Do you want to add or delete any family members from your estate plan?
7. Have you moved from Pennsylvania?
8. Is one of your beneficiaries having marital problems, or facing divorce, and you want to protect against claims by a spouse?
9. Do you have a disabled child or grandchild that that will require a special needs trust?

Finances

1. Has your income or assets changed and, thus, you need to change amounts designated to specific individual beneficiaries named in your will.
2. Has your income or assets changed and, thus, you want to change or add any specific cash bequests to organizations/charities named in your will?
3. Have you changed where any accounts are maintained requiring the preparation of new designation of beneficiaries’ forms?
4. Due to changes in your family situation above, do you require changes to your designation of beneficiaries for specific accounts?

The Law

Laws are constantly changing. Have you had your current documents reviewed over the last five to ten years to determine if any changes are required to your estate planning documents?

If you are ready to do an estate planning update, contact us online or call (412) 338-1184.