Drafting an estate plan is important. It’s a step that many people skip. They don’t make a plan, then they pass away unexpectedly, and their family has to try to navigate the process without any guidance. This often leads to confusion and conflicts, such as disputes between siblings or beneficiaries.
However, do not assume that simply drafting an estate plan is all you need to do. If you neglect it after the fact, the estate plan could be outdated when it’s actually used. For instance, if you draft an estate plan today, but don’t pass away for 30 years, there’s a good chance it won’t actually reflect the assets you truly own or the decisions you would want to make.
2 ways to address updates
To avoid this, one tactic is to set up a schedule to review your estate plan. Maybe you just want to look at it every other year, consider any changes, and make updates when necessary. It could still theoretically be slightly outdated when you pass away, but it’s a lot closer than if the plan has been neglected for decades.
The second tactic is to make updates whenever you believe they’re necessary, based on major events in your life. Examples could be a medical diagnosis, the loss or acquisition of major assets, getting married or divorced, the birth of children or grandchildren and things of this nature. Anytime life changes in a way that affects your estate plan and your decisions, you make updates so that the plan is reflective of this new reality.
No matter how you choose to address it, it’s important to understand exactly what legal steps to take when creating your estate plan, making updates and much more. It can help to work with an experienced law firm at this time.