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Estate Update — Personalize your Plans
You read a lot about the importance of having an Estate Plan in place . You already know the benefits of having a Last Will and Testament , a Power of Attorney , and an Advanced Healthcare Directive . You would agree that these documents help to protect your family and your assets — that ’ s why you did the responsible thing and had those documents drafted , years ago . You probably met with an attorney , signed your documents , and put them in a fireproof box in the top of your closet and haven ’ t thought about them since . That was , five ? Ten ? Fifteen years ago ? Were your documents prepared on a typewriter ? It might be time for an update ! We caught up with Natalie Piscione , President of Covelli & Piscione Law Offices and a Member of the National Association of Elder Law Attorneys to talk about some of the most common questions clients ask when considering an update to their Estate Plan .
I had my Will drafted thirty years ago and I have not taken it out of the drawer since . Is it still valid ? Should I update it ?
- Yes ! While your Will is valid as long as it met all of the legal requirements on the date it was signed , it is very likely that your family , assets , and wishes have changed some in the last Thirty Years . You may need to revisit your Beneficiaries and Choice of Executor . Maybe your wishes regarding your funeral planning have changed since you executed your Will . In addition , the law has been updated to account for new technologies , like electronic accounts and digital assets that may not have existed at the time you made your Will .
I prepared a Will when my kids were young . They ’ re all adults now , should I update ?
- Yes , again ! If your children were young when you had your Will drafted , it is likely that their
share of your Estate was placed in a Trust . If your children are now responsible adults , you may not need that Trust language anymore . Additionally , you may wish for one or more of your children to serve in a Fiduciary Capacity , such as your Executor or Power of Attorney . Even if your children are not yet all adults , you may need to update the person you name as Guardian for your minor children . Maybe you now have additional children who are not named in your old Will . You may also have grandchildren now that you would also like to include in your Estate Plan . These are all great reasons to update your Estate Planning .
I made a Will after my Divorce 10 years ago — Should I update it ?
- It depends ! Has your family structure changed significantly since your divorce ? Updated Estate Planning is particularly important for blended families . There are a number of additional considerations to discuss with an Estate Planning Attorney if you have children from a prior marriage , step-children , or have subsequently adopted children . It is also helpful to review your beneficiary designations on all of your accounts to ensure that they were also updated appropriately after your divorce .
My Spouse and I own everything jointly — do we need to do Estate Planning ?
- Yes ! If your spouse were to predecease you , or you both pass away unexpectedly prior to executing updated Estate Planning , it is important that you have designated contingent beneficiaries and fiduciaries . It is also important , if you own your home jointly , to have a Power of Attorney in place in the event that one spouse becomes incapacitated .
Attorney Natalie Piscione is a member of the National Academy of Elder Law Attorneys , and has been providing Estate Planning and Estate Administration legal services for nine years . The team of Attorneys at Covelli & Piscione Law Offices is experienced in several areas of the Law . For more information , call 412.653.5000 or visit www . covellilaw . com .
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