Contrary to popular belief, an estate plan isn’t something you should craft, sign and place in a drawer until you pass on. The fact is that estate plans are an important piece of everyday life, and although you may not have to look at your will every week, it still deserves to be reviewed every once in a while. For many people in Pennsylvania, that time occurs when they are already reviewing other parts of their financial life, such as their insurance plans. Read on to learn further about when you should review your plan.
If you’re young, putting off a review of your estate plan isn’t going to be too consequential. However, those reaching a certain age, usually 60 and above are highly recommended to begin the review process. This is because a number of factors now come into play. Life changes include retirement accounts now beginning to be used for income or extra homes being sold. All these require your attention, and going through the estate planning process again can address many of those issues.
No matter if it is life threatening or not, a serious illness should be a wake-up call for those who have ignored their estate plans for years. For many people, this may be the first time they have thought about implementing a power of attorney strategy into their plan.
Death of a spouse
One of the most common mistakes made by married couples is assuming who is going to pass away first. Life does not work that way, and neither should your estate planning. That is why it is so important to begin the review process if your spouse has passed away. You may end up having to completely start from scratch in terms of appointing beneficiaries, executors and trustees.
Death is never something anyone wants to think about, but it is a part of life. Another part of life is ensuring that your loved ones are taken care of after you have passed. Therefore, it is imperative that your estate planning process involve an attorney experienced in such matters. Doing so may save your family countless legal headaches in the future.