Your Estate Plan Should Change As You Change
An estate plan is not intended to be created and subsequently filed away forever. Modifying your estate plan as your life changes is crucial to ensure it reflects your most up-to-date wishes.
I am attorney James S. Vergotz, an estate planning attorney assisting individuals and families across western Pennsylvania. Whether you proactively review your estate plan every few years or reactively update it to reflect recent changes, I can execute modifications to fit your current needs and goals.
Many Changes Warrant A Modification To Your Estate Plan
While the documents I prepare are flexible, and I try to anticipate and plan for change, many changes can occur throughout your life that may warrant a change to your estate plan. It is important to periodically review your will and other estate planning documents to confirm your wishes are current. Such changes can include:
- Birth or adoption. Update your will to reflect a new arrival to your family, whether it is a child, grandchild or more.
- Marriage. If you created your estate plan prior to your marriage, update it to reflect any changes that accompany your new relationship status.
- Divorce. Likewise, a divorce should spur changes to your estate plan to revise anything, including your former spouse.
- Death. You may have beneficiaries listed in your estate plan who are now deceased. Revise your estate plan to prevent confusion down the road.
- Buying or selling property. Any significant investments or financial transactions, including residential or commercial property, may warrant changes.
After these changes or more occur in your life, I will work with you to update your will and estate planning documents to accommodate any new or revised goals.
The Value Of Regularly Reviewing Your Will
Major life changes certainly call for an estate plan review. However, a significant event should not be the only motivation for you personally reviewing your estate plan. I recommend reviewing your estate plan with a lawyer at least every five years or fewer, depending on your circumstances. Habitually reviewing your estate plan every few years can ensure that no changes are ignored and your plans are continually current.
Contact An Attorney For Estate Plan Modifications
Failure to update your will properly can have unintended consequences. I can assist in executing any changes in an efficient manner. Call me at 412-366-0510 or email me through my online form to learn more.
I am in Pittsburgh but offer flexible scheduling such as weekend appointments and home visits.
