Shields and Boris Blog on Elder Care, Health Care, and Caring in General

Is it time for a beneficiary audit?

It is an unpleasant scenario and unfortunately one you won’t be able to do anything about: after your death, your assets are given to a former spouse or somebody you no longer wanted them to go to because you forgot to update your beneficiary list before you passed away.  It is a situation that some families find themselves in after the death of a loved one, but it is a sad scenario that you can avoid now.

It is always a good idea to check in on your estate plan documents periodically and make sure that the information they contain is still relevant.  One area to focus on is your beneficiaries – the people who will inherit your assets after you pass away.

It isn’t uncommon for life changes to necessitate a change to your beneficiary list, and unless you want your estate to end up in probate or contested by your survivors it’s a good idea to keep the list current.

Don’t think of estate planning as a once-in-a-lifetime event.  It isn’t an event – it is a process, something you take care of and manage throughout your life.  To learn more about estate planning and elder law in Pennsylvania, please contact the law offices of Shields and Boris.