Having an estate plan that fits your needs is an ongoing process. Although it can feel satisfying to have completed your Will, Financial Power of Attorney, and Health Care Power of Attorney and Living Will (the three estate planning documents that everyone should have), your documents should be updated as your personal and financial situation changes over time.
You should consider asking an estate planning attorney to review your Will if:
(1) You have gotten married or divorced since you signed your Will. Pennsylvania law does intervene if you have a Will that benefits your ex-spouse, or if you get married after signing a Will, but the law can only approximate what most people would want. It is much better if your Will states clearly what you want to happen with your estate. See my post here regarding the effect of divorce on estate planning documents.
(2) You have had children since you signed your Will. If you didn’t have children before you signed your Will, your Will probably does not name Guardians for your children or create trusts to manage your estate for their benefit.
(3) Your children are adults now. If you signed a Will when your children were young, you were probably focused on naming a guardian to take care of them and ensuring that there would be money to help support them and pay for their education. You probably have different estate planning goals now that your children are older.
(4) Your financial situation has changed. If you have more money, estate taxes that didn’t apply to you in the past may be a factor now. If you have less money, you may want to change some of the bequests you made in your Will. If you have started or closed a business, this may also require updates to your current estate planning documents.
(5) You have moved to a different state. Although most states will honor Wills that were validly executed in another state, it will make it easier for your heirs and lower the expenses of your estate if your Will complies with the law of the state you are living in at the time of your death.
(6) The law has changed. Unfortunately, it is hard for most non-lawyers to determine if estate tax law or other laws have changed in a way that affects them. This is why it’s helpful to consult with an attorney every few years to determine if there have been any substantial changes in law that may affect your current estate planning documents.
Finally, it is a good idea to to periodically review your Financial Power of Attorney and Health Care Power of Attorney and Living Will, if you have them. Your relationships may have changed since you first created these documents, and you may want different people to serve as your agents. If you don’t have a Financial Power of Attorney (naming someone to make financial decisions for you if you become incapacitated) or a Health Care Power of Attorney and Living Will (naming someone to make health care decisions for you and specifying your wishes regarding medical treatment if you become incapacitated), you should consider having these documents drafted for you.