Estate planning ensures that your assets, such as property, businesses, and finances are protected and securely distributed among family members after death. If you created an estate plan several years ago, there are many life milestones that may require you to update your plans with a lawyer. Below are a few times you should make changes to your plans.

When to Re-Evaluate Your Estate Planning

1. Getting Married

In addition to planning for your wedding, this is also a time to consider your end of life plans. There is no telling what hardships you may face along the way, so it’s important to ensure your new spouse will be cared for after you’re gone. While spouses in Pennsylvania are a default beneficiary, you don’t want to take the chance that assets you intended for your spouse are passed onto someone else. Discussing your estate planning wishes with your lawyer will help ensure your wishes are carried out.

2. Having a Baby 

When you expand your family, you and your spouse become responsible for the child’s upbringing. This includes making care plans for your minor children in case something happens to you and your spouse. Amending your will can allow you to determine what assets will be passed to your children and who will be awarded guardianship.

3. Gaining Considerable Assets

If you gained considerable assets, such as purchasing a home, it’s wise to protect it in your will so you can ensure it will be distributed to your family. If you don’t account for the property in your will, it may be liquidated to settle your debts or it may be given to someone who is not your first choice. If you want the home to go to your eldest child, for instance, your will must state that wish in your will. If you own a business, it’s best to outline your wishes in a will. For example, if you want your spouse to sell your business and place the profits in a bank account for your children, then you must state that in your will. 

If you welcomed a new baby into your family or if you’re getting married, it’s wise to consult with an estate planning lawyer to update your documents. The Law Offices of Robert B. Liotta, Esq. have been helping families across Pennsylvania’s Westmoreland, Allegheny, and Armstrong counties for almost 20 years. These professionals draft wills and manage all aspects of estate planning. To learn more about their services, visit their website. Call (724) 334-9870 to schedule a consultation.