Many people decide to create a will after they have children or acquire valuable property, such as a home or an ownership interest in a business. Estate plans can also include trusts, advance directives and other documents.
Testators may assume that they have adequate legal protection once they have created an estate plan, and they may fail to take action when their documents become outdated. It may only come to light after someone has passed away that their documents have become outdated enough to be invalid or no longer reflective of their or their family’s circumstances. Regularly reviewing and updating estate plan documents is typically beneficial for those concerned about their legacy and the protection of their loved ones.
When is an update necessary?
Reviewing an estate plan every few years is generally advisable. Many changes in life are slow rather than dramatic. People can grow apart from individuals they previously named as agents or personal representatives. They may sell assets they included in a will or acquire property they did not address in their estate plan.
Reviewing documents every few years helps ensure they remain as accurate and up-to-date as possible. It is also generally advisable to review and update estate planning paperwork after major life events. Marriage, divorce, the birth of a child, the death of a loved one and major financial changes can all make significant estate planning adjustments necessary.
People who are proactive about reviewing and updating their paperwork can protect themselves and their loved ones from potentially devastating estate planning oversights or inaccurate documents that do not hold up in probate court. Sitting down with an estate planning attorney can help people determine what documents require revisions and ensure they have adequate legal protection.