Updating Your Estate Plan To Account For Life Changes
As with other legal documents, estate planning instruments need to be accurate in order to be effective. The estate plan you may have on hand may have accurately expressed your wishes when it was first designed. This may not be the case years later.
Unforeseen changes in circumstances can affect your beneficiaries, assets and your ability to receive the medical care you wish. Our attorneys at The Law Office of Denise D. Nordheimer, Esquire, LLC, are prepared to help you update your estate plan to address life changes. Whether our lawyers assisted in your plan’s initial drafting or you are new to our firm, we are equipped to revise your plan so that it reflects your wishes.
Reasons To Revise Your Plan
Our attorneys have a deep understanding of Delaware and Pennsylvania estate planning laws. We remain current on best practices in this field, which allows us to identify problems in estate plans and remedy them quickly.
We have helped our clients revise their estate plans to account for changes that include:
- A revision in laws that affect your estate plan: New laws may affect how your estate shall be taxed, which health care directives shall be granted and other matters.
- An out-of-state move: Since each state has its own estate planning laws, it’s necessary to update wills and other documents to ensure that they are enforceable when you change your residence.
- A change in family size: Your estate plan should be updated after a new family member has been added or lost through death or divorce. If you are engaged in divorce, it is critical that you update your beneficiaries so your soon-to-be-ex does not receive assets after your family breakup.
- A shift in financial circumstances: If your wealth has significantly increased or decreased since you first drafted your estate plan, you should consider revising your will or trust to reflect this change. You may need to incorporate new property in your trust or remove an asset that you have sold from your will.
- An appointment of a new executor or trustee: If your relationship with your executor or trustee has changed, you may wish to assign these duties to someone else.
There are other situations that may warrant updating an estate plan. When you consult with our attorneys, you can rely on us to give you an honest evaluation of your situation. We are mindful of the costs associated with these revisions and shall identify economical solutions that help you achieve your goals.
When you are taking steps to protect your legacy and your loved ones, it is critical that your legal documents are up to date. Our skilled estate planning lawyers are eager to assist you with this matter.
Consult With A Qualified Attorney Today
Our offices are conveniently located in Wilmington and Milton. Please call 302-655-4500 or email our team to arrange your consultation at either office.