Once you finish drafting your estate planning documents, you’ll undoubtedly file and forget them. Since your situation will inevitably change over the years, however, so should your arrangements. As such, it’s important to modify these documents periodically, so they're always up-to-date. For example, make it a point to review them every two to three years. You should also look over your will—and make any necessary changes—after the following life events. 

3 Situations That Warrant Updates to Your Estate Plans

1. Getting Married or Divorced 

Upon getting married, you’ll undoubtedly want to add your new spouse to your will. If you want them to be entitled to a specific portion of your estate, you need to designate those details in your estate planning documents.

It's also critical to update your plans should the marriage dissolves. Following a divorce in Pennsylvania, all estate planning provisions regarding the ex-spouse are automatically revoked. Since nothing is inserted in their place, however, this could end up voiding a number of terms in your will. 

2. Having a Child 

If you have children, it’s crucial to think about who will care for them should something happen to you and your spouse. To ensure your kids will be protected in all eventualities, appoint a guardian in your will as soon as possible. It’s also wise to establish a backup guardian in case the primary individual who you named is unable or unwilling to take on the role. 

3. Acquiring a Significant Asset 

Whether you receive an inheritance, buy a home, or start a small business, it’s important to add the asset to your will right away. If you fail to do so and you unexpectedly pass away, the laws of intestate succession will determine how it's distributed—and they may not necessarily distribute it in the same way you would have. 

For help updating your estate planning documents, turn to Achille Law, P.C. in Brookville, PA. With roots dating back to 1978, this firm is proud to help clients in a variety of areas. Their knowledgeable attorneys are equipped to assist with everything from bankruptcy petitions to personal injury claims. To request a consultation, call (814) 849-6701. To browse their practice areas, visit them online.