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Comprehensive estate planning gives you control over how your belongings are distributed among your loved ones after death, who is empowered to make decisions on your behalf, and what happens if you’re unable to communicate with healthcare providers. However, an estate plan is only effective if it accurately reflects your wishes and current obligations. Reviewing your will and other documents after important life milestones will prevent conflicts between your loved ones and ensure your assets go to the people you choose.

When Should You Review Your Estate Plan? 

1. Marriage

estate planningIn most states, your spouse automatically inherits your property if you die without preparing a will. While this might be right for some families, if you want to leave property to children from a previous marriage, friends, or family members, you should revisit your estate plan after getting married. 

2. Divorce

In Pennsylvania and most other jurisdictions, getting divorced immediately invalidates any part of your will that benefits your former spouse. However, those assets are then distributed according to the laws of your state and may go to family members you barely know. Reviewing your estate plan should be one of the first steps you take after filing for divorce. 

3. The Birth of a Child

Adding a child to your family is one of life’s most joyous experiences, and also one of its biggest responsibilities. After having a child, you may want to review your will or consider adding life insurance to your estate plan, providing the resources your family will need if something happens to you. 

4. Obtaining Significant Assets

Large inheritances, lottery winnings, or selling off profitable investments can change your entire life, so they should also alter your estate planning, as well. If you’ve obtained significant financial assets—such as establishing a business or purchasing a home—reviewing your estate plan will keep family members from fighting over your money and ensure it’s given to those you choose. 

5. A Beneficiary of Your Will Passes Away

If someone named in your will passes away before you, the court will distribute those assets to your immediate family members. You should also review your estate plan if your relationship with a beneficiary changes for the worse, or they may receive their share of the assets regardless of what happened between you.


 

Estate planning can be a difficult process, but the professionals at Achille Law, P.C. in Jefferson County, PA, have the expertise to guide you through the process and ensure your documents accurately reflect your wishes. Whether you’re drawing up your first will or want to review your estate plan, their legal team will give you the attention you deserve. Visit their website for more on their legal services now or call (814) 849-6701 now for a free consultation.

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