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When do people need to review and update their estate plans?

On Behalf of | Oct 23, 2024 | Estate Planning And Litigation |

Those who have drafted estate plans are technically ahead of the curve compared to most other adults. Quite a few people don’t have will or any other estate planning documents in place. Drafting an estate plan can give people peace of mind, but they do have to be proactive about maintaining those documents. Estate planning paperwork may be vulnerable to challenges in probate court if testators don’t occasionally go back over their documents and make certain changes.

What are the top reasons that people may need to modify an existing estate plan?

Changes to their families

For many people, protecting loved ones is the main motivation for drafting a will and other documents. They want to provide support for their children and spouses. Families tend to change as time passes, making estate planning updates necessary.

People may need to add new beneficiaries when they have more children or welcome grandchildren. They may need to remove a spouse if they get divorced or their spouse dies. Remarriage can also make estate planning updates necessary. Anytime there is a significant change to the family unit, changes to the estate plan may be necessary as well.

Changes to personal resources

People who are homeowners may sell their residences and move to a new house when they retire or grow their families. Professionals may start or sell small businesses. Anytime people acquire valuable new property or cease owning assets they included in an estate plan, they may need to update their documents.

Changes to personal health

Few things make people question their legacy more than medical challenges. Those facing cancer or other debilitating medical issues may want to add new documents to their estate plans. They may want to draft powers of attorney and advance directives to protect themselves from incapacity. They may also notice changes to their wishes regarding the legacy they leave when they die.

Even without any dramatic changes to personal circumstances, it can often be a smart decision to revisit estate planning documents every few years. People who regularly examine and update estate planning documents can feel more confident about the protection of their loved ones and the legacy they aspire to leave behind when they die.

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