Life Events That Could Trigger an Estate Plan Review

An estate plan ensures that your wishes are carried out, specifying who will receive your property upon your death. Alarmingly, it is estimated that only one-third of Americans have a will or estate plan. For those individuals who die without a will, state laws will dictate how their assets are distributed. This can cause unneeded stress and confusion during a time of grief.

By having an estate plan, you plan for the unexpected. However, after finalizing an estate plan, it is essential to update it as your life circumstances change. In this blog, our Harrisburg estate planning lawyers at Mette Law discuss the life events that warrant a review of your estate plan.

You Get Married

It doesn’t matter if it is your first, second, or subsequent marriage; this life juncture calls for an overhaul of your current estate planning documents. Estate planning entails more than who will get your property when you die, but also involves who will act on your behalf if you fall ill or are unable to handle your own affairs. If you don’t already have a healthcare power of attorney or a financial power of attorney, this is the perfect opportunity to confirm your spouse’s role.

Part of a comprehensive estate plan involves deciding if you predecease your spouse. For many newlyweds, this entails naming your spouse as the executor of your will (known as “personal representative” in Pennsylvania). Don’t forget about your retirement accounts and life insurance policies, since those beneficiary designations will need to be updated separately.

You Have Kids

Many moving factors accompany the decision to expand one’s family. One piece that almost always seems to be forgotten is revising one’s estate plan. You will want to update your will and trust to reflect the addition of the new family member. For minor children, you should designate a trustee to manage their assets as well as a guardian to tend to their welfare. Who you choose is ultimately up to you, but our estate planning lawyers recommend naming someone who has been a cornerstone in your child’s life.

You Get Divorced

During a divorce, revising your estate plan may be the last thing on your mind. However, it is essential to modify your current documents to reflect who you want in charge of your finances or health decisions should you become incapacitated. Under 20 Pa.C.S. §6111.2, getting divorced will automatically nullify your former spouse as a beneficiary on your life insurance policy. This law also applies to annuities, pensions, or other contracts providing payments to your spouse. If you have any questions regarding beneficiary designations, please do not hesitate to contact our legal team.

Compassionate Counsel To Help Give You Clarity

Estate planning decisions can be among the most important yet difficult to make. A variety of factors must be considered to help you achieve the best solution. At Mette Law, we outline all your legal options while hearing your feedback to help provide clarity to these momentous decisions. We believe that estate planning decisions should be made considering different possibilities, rather than rushing to get something down on paper.

If you are considering revising your current estate plan, our estate planning lawyers in Harrisburg, PA, are here to offer a non-judgmental ear. To schedule your confidential consultation, contact us online or call (717) 232-5000.