Make Estate Planning Your New Year’s Resolution
2015 is upon us and the New Year is a great time to think about estate planning.
If you already have an estate plan, the New Year is a good time to review your documents and make sure everything is in order. If you don’t already have an estate plan, then setting one up should be a priority for your 2015 goals.
Don’t Have an Estate Plan?
If you don’t already have an estate plan, putting one in place should be at the top of your 2015 New Year’s resolutions.
Without an estate plan, your property and assets could end up in probate after you pass away. Even worse, if you don’t have a will at the time of your death, the state will allocate your assets without your input which likely won’t be the way you would have done it yourself.
There is a common misconception that estate planning is only for the wealthy but this just isn’t the case. Anyone who has a bank account, a family or a home should make a plan for what will happen when they pass away. The complexity of your estate plan will depend on your particular set of circumstances but even the most simple of plans will benefit from the expertise and experience of a Pittsburgh estate planning attorney who is well versed with all the legal formalities needed to create a valid will in Pennsylvania.
Already Have an Estate Plan?
If you already have an estate plan, the New Year is a great time to review your documents and ensure that everything is in order. Even if your documents were signed within the last few years, they may not take advantage of opportunities introduced by recent changes to federal tax laws. Be sure to consult with your estate planning attorney to see if any changes or updates need to be made to your documents.
Similarly, when reviewing your estate planning documents, take a moment to consider all the changes that have happened in your life since they were signed. If you became married or divorced, had a child or grandchild or purchased a new property or business, these life events will have a direct effect on your estate plan. If any of these changes have occurred in your life since you last reviewed your estate plan, get in touch with your estate planning attorney to discuss your specific situation and learn how to best move forward with updating your documents.
Remember, estate planning is not a one-time task; it is an ongoing process. Life is full of changes so your estate plan will be too.
We hope you have a wonderful New Year and a great 2015!