According to prominent Pennsylvania estate planning attorney, Philip Levin, no matter the size of your estate, it is always worth planning for, and especially when emerging from a separation or divorce when your assets and standard of living can often times decrease. The reality is that after the marital estate has been divided in a divorce, spouses can have significantly less to work with than what they had when they were married.

How can they protect and maximize what they bring with them in a divorce mediation settlement, and also be able to adequately provide for their family who they may still be responsible for supporting after the divorce, should they die unexpectedly? To be sure, planning for a new financial life is not an easy thing to do on your own and Mr. Levin strongly advises divorcing individuals to consult with an estate planning attorney to review, revise and update your estate plan.

Meanwhile, as you emerge from your divorce, ask yourself: Is Your Estate Plan Up-To-Date? You can answer the following 6 fundamental questions about your estate to determine if your estate plan needs updating:

Without having a will or a trust, you are relying on the Pennsylvania legislature (through the laws of intestacy) to determine how your assets will get distributed in the event of your death. Intestacy is the most costly and time-consuming method of passing your assets to your loved ones, and more importantly, may not carry out what your intent might have been regarding your assets.

This is especially important after a divorce. Some spouses are so focused on getting their divorce that they forget to have their will or trust updated after the divorce becomes final. If they leave their ex-spouse as a beneficiary, this can cause an unjust disposition of their estate, and one they did not intend. Also, tax laws are always changing which may have an adverse effect on your estate if it is not reviewed consistently.

Under Pennsylvania law, children can inherit property at age 18 without restriction. Proper planning is crucial to preventing a younger beneficiary from squandering their inheritance, or losing it to creditors or predators.

Assets are most commonly passed on to designated beneficiaries through an outright distribution under a will. However, once the inheritance is received, it can be claimed by one or more current or future creditors of your beneficiaries. You can provide protections for your loved ones by placing the assets beyond the reach of their creditors, including your son or daughter's ex-spouses, in the event of a divorce.

Second marriages present unique planning issues, especially if one or both spouses have one or more children from a prior marriage. Proper estate planning is critical to prevent undesired results, including the possibility of disinheriting your children.

The average cost of nursing home care in Pennsylvania now exceeds $78,000 per year, and the cost of long-term care is one of the fastest growing expenses. If your estate plan fails to take these costs into consideration, a stay in a nursing home may consume all or a significant portion of your assets.