There are a variety of tools and options available via the estate planning process, and being thorough when evaluating these options could be essential to creating a plan that reflects your needs. Creating a thorough estate plan can be an integral aspect of preparing to protect your needs and wishes regardless of what your future might hold.
However, while your initial strategy may align with your preferences at the time, there may be some scenarios in which your goals for the future may change. Evaluating some examples of reasons to consider updating an estate plan could help you determine when it might be necessary to review your goals for the future.
The reasons
There may be numerous reasons to consider updating your estate plan to ensure that it reflects your current needs and wishes, some of which may include:
- Change in marital status: Entering a marriage and going through a divorce are two common types of life changes that might make it necessary to review and update an estate plan.
- New family members: Your needs and goals may also change after welcoming a new member into your family, such as a child or grandchild. Updating your beneficiary information to reflect such changes may also be imperative.
- Financial changes: Any substantial change to your financial situation could also affect your goals, and updating your plan to include such changes could be vital to protecting your interests.
- Relocation: Reviewing your estate plan after relocating to a new state may also be crucial, as rules and regulations for estate planning may vary from state to state.
- Change in health: A change in your health or change in your preferences for long-term care could also prompt a need to review your estate plan and make the necessary modifications.
Changes to estate planning laws could also prompt a need to review your plan. Sometimes your goals for the future may simply change with time, and reviewing your plan periodically can be vital.
Updating your estate plan
This may only include a few types of changes in life that might prompt a need to revisit and update your estate plan. With a variety of options to consider along the way, it might be beneficial to seek insight in preparing to navigate this process. This could help you better prepare to review your estate planning strategy and make the appropriate changes to bring your plan in line with your current needs and goals for your future in Pennsylvania.