Skip to Content

We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. Please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

How often should we update our wills in Philadelphia?

Posted on Wed Jul 22, 2015, on Estate Planning

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?”

What-is-a-Complex-Trust

Updates to Philadelphia Estate Planning Documents

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

Peter KlenkPeter Klenk

What Our clients are saying

Klenk Law Logo
Stars

Jim Yannessa

A very friendly knowledgeable experience. I would recommend and use them again.

Klenk Law Logo
Stars

Denise Lowmaster

Our experience with Klenk Law has been exceptional. We’ve had help with estate planning and pre-nuptial agreements. They really take the time to explain everything and let us know our options. All of the staff are very professional, courteous and knowledgeable. They are very prompt with responding to calls and messages. We will continue to use them and recommend to friends and family.

Klenk Law Logo
Stars

Sydney Magerman

Daniella was fantastically wonderful. A joy to be around and filled our conversations with so much educational knowledge. I’ve learned so much from her about being a great person and I can’t wait to work with her again

Klenk Law Logo
Stars

Tina Krovetz

Fantastically easy and efficient team to work with getting our wills done. We will use Klenk again in the years to come. I highly recommend Peter Klenk.

Klenk Law Logo
Stars

Chris Nezu

Klenk Law is a professional and class act from start to finish. Peter, and all of his staff members are patient, clear, and trustworthy, all within the context of a user friendly, kind, and comfortable ambience.

Let us put our expertise to work for you.

Free consultation within 24 hours.