From our “Ask a Question” Mailbag: Updates to Philadelphia Estate Planning Documents

Most Recently Updated July 18, 2018.

“My wife and I updated our wills several years ago, when our kids were younger. How often should we update them?”

Updates to Philadelphia Estate Planning Documents

We were recently hired by an executor to probate the will of a client whose Will was signed in the 1970s. That will was over 40 years old, but it was the last will the client ever signed, and it was never revoked. Therefore, that Will was accepted for Probate. So, a will does not have to be updated if it still reflects your wishes.

That being said, the world does change, people change, and the law and tax rules certainly do change. These changes make it a good practice to have your will reviewed every 5 years or so to make sure that your planning still makes sense and that taxes are avoided, if possible.

For Example . . . 

In your case, it sounds like your will likely refers to your children as minors, but they are now adults. That change often means that the brother or sister you named as successor executor is no longer needed, and one or more of your children can take on the responsibility of successor executor. The estate and inheritance tax rules have certainly changed over the last 15 years, especially the rules surrounding qualified plans (IRAs, 401ks, etc.).

The review of your Will may prove that no change is needed, but having the review makes good sense. You won’t know about the new tax savings options if you don’t ask!

More Planning Questions?

Routinely reviewing and updating documents is only a piece of the Estate Planning process. By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.

In Conclusion: Updates to Philadelphia Estate Planning Documents

I hope that this article was helpful in explaining when and if you should update your estate planning documents. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!

Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers.  By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!

Wills, Trusts, Probate, and Estate Litigation, It’s All We Do!

 

Tags: Estate Planning, Estate Planning Attorney, Estate Planning Lawyer, Pennsylvania, Philadelphia