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The Importance of Updating Your Estate Plan After Major Life Changes

Adams Kearney Law Feb. 5, 2025

Life is often unpredictable, filled with milestones, changes, and challenges that greatly impact your financial future

Estate planning is an effective way to secure your future and legacy. Whenever you encounter a major life change, such as getting married, having a child, or moving to a new city, you should revisit your estate plan to make sure it still aligns with your wishes.  

At Adams Kearney Law, we strive to provide clear, practical guidance for your estate planning needs. We have spent years helping Pennsylvania residents throughout Ridley Park, the greater Philadelphia area, Chester County, Delaware County, and the surrounding cities protect their assets and estates with personalized estate plans.  

We offer peace of mind and a forward-thinking approach that considers your unique circumstances. If you're based in the areas we serve, we are ready to help update your estate plan and make sure it is legally sound. 

Why You Should Regularly Update Your Estate Plan

Life is dynamic, and so is your estate plan. The decisions you made five or ten years ago might not reflect your current financial situation, family dynamic, or personal priorities. Your estate plan should be updated to reflect your evolving needs. 

An outdated estate plan can lead to misunderstandings, disputes, or legal complications. Some common life changes that often require estate plan updates include: 

  • Marriage or divorce: Your marital status impacts everything from inheritance rights to executor designations. Without updating, your estate plan may not align with your current situation. 

  • Birth or adoption of a child: When you welcome a child into your family, you should take proactive steps to secure their future—this could include appointing guardians or allocating assets for their future. 

  • Passing of a loved one: If an executor or heir named in your estate plan has passed away, it’s time to update those designations. 

  • Buying or selling property: Your estate plan should reflect your current property holdings to avoid confusion when it’s time to execute your will. 

  • Changes in state laws: For Pennsylvania residents, changes in the laws governing estate taxes, probate, or inheritance rights can affect how smoothly your plans are carried out. 

Estate Planning Laws in Pennsylvania 

Understanding state laws helps to keep your plan legally valid and reveals potential opportunities to better structure your approach. 

Inheritance Taxes 

Pennsylvania is one of the few states that imposes an inheritance tax. The tax rates vary depending on the beneficiary's relationship to the decedent. For example, estate transfers to direct descendants (such as children) are taxed at 4.5%, while transfers to siblings are taxed at 12%. 

Probate

The probate process in Pennsylvania can be lengthy and stressful if your estate isn’t properly planned. A trust can potentially streamline this process for your loved ones. 

Guardianships for Minors 

If you have minor children, it's essential to name a guardian in your will. Failing to do so leaves this critical decision to the court’s discretion. 

Healthcare Directives and Powers of Attorney 

Pennsylvania has specific rules governing advanced healthcare directives and durable powers of attorney. Including these in your estate plan ensures your medical and financial wishes are honored if you cannot make your own decisions. 

How to Update Your Estate Plan After a Major Life Change

If you're wondering where to start when life’s big moments come your way, here's a simple guide to updating your estate plan: 

1. Review Your Existing Documents 

The first step is going through your current will, trust, and powers of attorney. Identify areas that no longer align with your wishes, such as outdated beneficiary information or obsolete property holdings. 

2. Update Beneficiary Designations 

Life changes—like a new marriage, divorce, or the arrival of children—are a big reason to reassess who should benefit from your estate. Don’t forget to check your 401(k), IRA, life insurance, or other non-probate assets, as these often have separate beneficiary designations. 

3. Assess Executor and Guardian Roles 

Your life changes might mean certain individuals are no longer appropriate to serve as your executor or guardian. These roles are critical and require a trustworthy, responsible, and capable individual. 

4. Account for New Financial Circumstances 

Significant changes in your financial status—like purchasing property, opening a business, or receiving an inheritance—should be reflected in updates to your estate plan. A revised plan helps you allocate assets to mirror your current circumstances. 

5. Address Health-Related Directives 

Health-related documents, like advance healthcare directives and powers of attorney, should be updated when there are changes in personal wishes or family dynamics. 

6. Talk to an Attorney 

An estate planning attorney can review your plans to make sure they comply with state and local laws while meeting your personal goals. At Adams Kearney Law, we work closely with you to understand both the details and the big picture and give you a customized plan that leaves no loose ends. 

Empowering Confidence Through Proactive Estate Planning

Your estate plan isn’t just about safeguarding assets; it’s about reassuring yourself that your family and loved ones will be cared for when they need it most. Proactively revisiting this critical document after major life changes minimizes roadblocks and reduces the emotional burden on those left behind. 

At Adams Kearney Law, we believe everyone should have an estate plan that is tailored to their specific goals. Our legal team is here to answer your questions and help create a strategy that reflects you and your priorities. 

Estate Planning Attorneys in Ridley Park, Pennsylvania

At Adams Kearney Law, we take a personalized approach to estate planning. Our experienced attorneys strive to create tailored solutions that can protect your assets and preserve your legacy. We pride ourselves on building strong relationships with our clients, ensuring their needs and goals are met with care and precision.

Located in Ridley Park, Pennsylvania, we serve clients in the greater Philadelphia area, Chester County, Delaware County, and the surrounding cities. Contact us today for accessible and reliable estate planning services.