What Life Events Should Prompt Me To Alter My Will?

"Is 10 years too long to wait to update my will?" This is one of the most common questions that we hear at Unruh, Turner, Burke and Frees. The answer is probably yes but more important that updating your will on a regular basis is updating after significant events in your life. Here are just a few examples of events that should prompt you to update your will.

 

  1. You've received an inheritance. This can have a major affect on your own will, depending on how much you have received or what assumptions were made by the creator of the will.

  2. You decide to buy life insurance. Life insurance is taxable for federal estate tax purposes unless you take measure to prevent that. You double the value of that life insurance policy if buy it in the right way.

  3. There is a change in a marital relationship. Whether you get married or divorced, or one of your heirs gets married or divorced, you may need to alter your gifts accordingly.

  4. You move to a different state or country. The law and taxes are different in each state and country. You will almost certainly need to make adjustments if you have planned a sophisticated estate.

  5. A change in your health or that of an heir or executor. You may need to hand off the responsibility of executing your will or even planning it in certain circumstances.

 

You can see there are a number of events that can greatly alter your will and that should prompt you to make an appointment with your estate planning attorney. If you have questions about sophisticated estate planning in Pennsylvania, call David M. Frees at 610-933-8069 or email him directly at [email protected] to learn more.

 

David M. Frees, III
Attorney, Speaker and Author