Understanding Philadelphia Estate Planning

Philadelphia (PA) estate planning is part of your financial plan to protect you and your beneficiaries when you become disabled or die. Estate planning in Philadelphia (PA) is offered through financial advisors who have years of experience in this topic.


When is the Best Time for Philadelphia (PA) Estate Planning?

Estate planning in Philadelphia (PA) is not just for high-net worth individuals or families. People put off estate planning because they think they do not have many assets/belongings, they have not retired, they are too busy to create a financial plan, think they have plenty of time because they are young, they are confused on how to start a financial plan, and do not know who can help them, or they just do not want to think about an estate plan. Most people, especially baby boomers, start estate planning when they reach retirement age.  However, you can never predict when you become disabled or die and these situations do not just happen after retirement, they can happen at any moment.  If something happens to you and you do not have a plan, your family is left with many unanswered questions and missing pieces. Therefore you should create a plan because estate planning allows you to control what belongs to family members or charitable organizations receive after your death. So, why wait for after retirement to plan your estate, when you could start your Philadelphia (PA) estate planning now.


Reviewing and Altering your Estate Plan

Estate planning in Philadelphia (PA) needs to be reviewed and altered if it is going to provide for your beneficiaries the way you want it to. Your estate plan is created it is basically a picture of you, your family, your assets and the tax laws. However, all of these could change over time, and your plan should be adjusted. Estate planning in Philadelphia (PA)  is stated in a will. The initial will could be written when you were a newlywed but needs to be altered when the family starts to grow. Another life changing moment that will alter an estate plan is divorce. Over the course of your lifetime, your Philadelphia (PA) estate planning will need to be reviewed, altered or be replaced.   The most important question to ask yourself is: How do I know when to change my estate plan? This question can be answered with different events that occur in your life. Basically, any change in your personal, family, financial or health situation, or a change in the tax laws, should cause you to change your estate plan. The list below is guidelines for when your plan should be reviewed.


Use the following list to help identify key times when you should evaluate your estate planning in Philadelphia(PA)

  • An estate plan should be reviewed every year
  • You marry, divorce or separate
  • Your or your spouse’s health declines
  • Your spouse dies
  • Value of assets increases/decreases
  • Change in business interests
  • You buy real estate in another state
  • Birth or adoption
  • Finances change
  • Parent or relative becomes dependent on you
  • Minor becomes adult
  • Attitude towards you changes
  • Family member dies
  • Federal or state tax laws change
  • You plan to move to a different state
  • Your successor trustee, guardian or administrator moves, becomes ill, does not want to be an administrator anymore