Many adults dislike the idea of estate planning. They know that it is necessary for their peace of mind and the protection of their families. However, they delay the process because they view it as unpleasant or expensive.
Those who have wills and other estate planning documents have taken an important step for the protection of their loved ones and the eventual establishment of a positive legacy after their passing. Many testators with wills and other estate planning documents assume that they have adequate legal protection.
What they may have failed to consider is that their estate plan needs to change when their lives change. People should commit to regularly reviewing their estate plans to ensure that the documents still meet their needs. When is it time to review and update an estate plan?
When personal circumstances are vastly different
An individual’s life can change drastically in just a few hours. A loved one could have a major medical emergency. A spouse could file for divorce. People acquire highly-valuable assets or liquidate personal property.
Children can have grandchildren, which can completely change an individual’s testamentary wishes. Any of these situations and many others might warrant a significant adjustment to estate planning documents. When a testator’s health, family or finances change, their estate planning documents may need to change as well.
When several years have passed
Not all changes to personal circumstances are abrupt and obvious. Situations also evolve slowly over time. Investments accumulate value, forcing people to rework their wills to address the possibility of estate taxes.
Relationships that were once close may degrade over time, while others may heal and improve. People don’t always recognize that there have been significant shifts in their circumstances until they review their documents and realize how outdated some of their terms have become. Making a commitment to reviewing estate plans a few times every decade can help people ensure that they have the right documents in place and the right terms included in those documents.
Testators who routinely review and modify their estate plans can feel confident about leaving a positive impact after their passing and having access to support when they need it the most.