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When Wexford PA Families Should Update an Estate Plan
Your estate plans reflect how you want your assets distributed to your loved ones after your death. Your estate represents your financial legacy, and your estate plans express your priorities. Over time, however, families in Wexford and along the I-79 corridor need to consider whether their estate plans still reflect their current circumstances, especially after major life changes. Discuss your needs with our experienced Allegheny County estate planning attorneys at McMorrow Law, LLC, today.
Keeping Your Estate Plans Up to Date
Revisit your will and other estate planning tools regularly. The goal is to ensure that nothing important falls through the cracks and that your plans continue to reflect your wishes. Estate planning is a complicated legal matter, so work closely with a knowledgeable estate planning lawyer.
Major Life Events That Often Support Modifications
Several major life events often support modifications to estate plans.
Marriage and Divorce
If you’ve married or divorced since you created or modified your will or any other estate planning tool, such as a trust or beneficiary-based account, it’s time to take another look. This significant change calls for careful analysis. For example, if you’ve divorced, you likely won’t want your ex to remain in your estate plans. And if you’ve married, you’ll likely want to include your spouse in your plans, or to elevate their status.
Growing Your Family
If you’ve had or adopted a child or if your children have given you an additional grandchild since you last updated your estate plans, now is a good time to do so. To limit confusion and show clear intent, you’re well advised to include the names of each of your children and grandchildren in the context of your wishes.
You’ll also want to address guardianship of your minor children, which is a fundamental concern in the event they lose both their parents before reaching adulthood.
A Significant Change in Finances
If your finances have changed significantly, it’s probably time to review your estate plans. All the following shifts suffice:
- Buying or selling a business
- Acquiring real estate
- Receiving a substantial inheritance
- Experiencing a significant uptick or downturn in your overall wealth
Moving to a Different State
Estate, probate, and tax laws vary considerably by state. If you’re new to Wexford or the I-79 corridor, you shouldn’t wait to review your estate plans.
Our Experienced Allegheny County Estate Planning Lawyers Welcome the Opportunity to Help
Our focused Allegheny County estate planning attorneys at McMorrow Law, LLC, dedicate our impressive practice to helping clients establish estate plans that afford peace of mind, and we’re here for you too. Learn more about how we can help by contacting us online or calling our firm at 412-407-2816 today.