It is important to update your estate plan from time to time. Many people will do this every few years, but you can also look for major changes in your life. One example is if you are diagnosed with a medical condition.
For one thing, a serious diagnosis may mean that it is time to plan for the future. You may be worried that your condition will progress and you could become incapacitated. You can use a living will to make some of your medical decisions in advance, leaving instructions for your medical team and taking that pressure off family members.
Another potential option is to set up a medical power of attorney. If you are incapacitated, then the agent that you have chosen through the power of attorney can make medical decisions on your behalf. Either way, you know that the plan is in place and provides guidance to your loved ones.
Issues with testamentary capacity
With some medical conditions, you may also want to consider testamentary capacity, or your mental capacity to alter your estate plan at all.
For example, maybe you have been diagnosed with Alzheimer’s disease. Changes made to your estate plan after the disease has reached an advanced stage could be called into question by beneficiaries who are not sure that these changes actually line up with your genuine wishes. Making alterations to your estate plan in advance can be more effective.
Keeping your plan on track
This helps to demonstrate why it is important to review and update your estate plan periodically, ensuring that it is still on track to provide the type of instructions that you want for your family. If you need to make updates after major life changes, be sure you know what legal steps to take.