A new baby is an exciting and busy time for a family. But does the little addition require you to redo your whole Estate Plan? Probably not.
There are 2 important things to consider:
- Read your will. Is there an "afterborn clause"? An afterborn clause provides for children after you executed the will and includes them as your descendants. Without this clause, your will could be interpreted to only give to those children you named.
- Look at your beneficiary designations. Take this opportunity to look at your life insurance policies and retirement plans. If you named your older children as beneficiaries, then an update is necessary.
If you have significant retirement assets and wish to name as beneficiaries of those assets any trusts under your will for the benefit of your children, consult with a knowledgeable tax advisor or estate attorney who can advise you regarding any required revisions to your will and retirement account beneficiary designations.
If you would like to discuss updates to your estate plan, please contact Sallen Law, LLC at (215) 809-3900 or schedule an appointment by clicking here. Located in Merion Station, PA, Sallen Law assists clients with estate planning matters throughout the Philadelphia Main Line area including but not limited to Lower Merion Township, Montgomery County, Bucks County, Delaware County, and Chester County. Attorney Rebecca Sallen is also licensed to practice in the state of NJ and serves Burlington County, Gloucester County, Camden County