Estate planning is not a one-time endeavor. Rather, in order for estate planning to be meaningful and appropriately effective, it must be undertaken as an ongoing process. There are a number of factors to bear in mind when it comes to keeping and estate plan current and updating estate plan.

Estate Planning is for Everyone

Before diving into the specifics of updating estate plan, it is important to understand that estate planning really is for virtually every adult. There may exist a few exceptions to this rule, but generally speaking all adults must take a look at developing an appropriate estate plan.

Regularly Scheduled Estate Plan Review

Barring any major changes in a person’s life, which are discussed in a moment, a person must engage in a regularly scheduled estate plan review. In order to ensure that this is accomplished, a person is wise to calendar an estate plan review by a date certain each and every year.

A regular estate plan review, with an eye to possibly updating estate plan, need not be an involved process. Depending on the complexity of the estate, an annual review can consist of a meeting with an estate attorney. Such a session will not be lengthy or result in the payment of high fees.

One key area of focus needs to be on the individuals designated as beneficiaries of a person’s estate. A commonplace occurrence involves a person passing away without having updated estate beneficiaries. Once a person is gone, it is too late to revise an estate’s beneficiaries.

Updating Estate Plan: Major Change in Life Circumstances

If a person experiences a major change in life circumstances, updating estate plan is vital. A wide range of situations qualify as a major change in life circumstances warranting updating estate plan.

A key example of a major change is the birth of child. Another example is the death of a designated beneficiary. Another example is a marked change in a person’s assets. If a person has accumulated more wealth, a more immediate review and updating estate plan may be warranted.

Updating Estate Plan with Legal Counsel

A Pennsylvania estate attorney can assist a person with updating estate plan as necessary. If a person is interested in engaging counsel for the first time, that lawyer will schedule an initial consultation with a prospective client at no cost to that individual.