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Prepare for your annual estate plan review

On Behalf of | Dec 3, 2017 | Estate Planning And Administration

You may be one of the many people in Pennsylvania who has taken it upon themselves to properly document their estate planning wishes. If so, you should feel very good about that. But, you should also ask yourself how long it has been since you have reviewed that plan. That’s right – making an estate plan is only one part of what you need to do. This plan should be considered a living document if you will as it should evolve and change as your life and some laws change.

With the end of the year near, now is a great time to make reviewing your estate plan a priority. Fidelity Investments provides a window into some of the many life events that may trigger the need for you to review and update a plan. If you or any of your heirs get married or divorced or add by birth or adoption a new child to the family, editing your plan certainly makes sense. If you had a business that you sold or closed or maybe if you started a new business or bought into an existing business, that also would necessitate a plan review.

Any change in your financial picture may well make your existing plan not complete. Imagine if you inherited a sum of money from your parents, for example. This money may need to be documented in your estate plan.

If you would like to learn more about how you should effectively review and manage your estate plan to meet life’s changing needs and circumstances, please feel free to visit the asset management page of our Pennsylvania estate planning website.