Creating estate plan documents, such as a will, power of attorney and others, is important in ensuring your wishes are carried out after you pass away. However, estate plans are not a “set-it-and-forget-it” process.
Your estate plan should be updated to reflect the changes in your life as they occur. Some of the situations where estate plan updates are necessary can be found here.
Creating estate plan documents means you are making plans for your assets after you pass away. You are also designating the people in your life who will receive these assets. For most people, life changes as the years pass. If you get married, have children, grandchildren or get divorced, you should take steps to update your estate plan to reflect these changes. This ensures that the people who are still in your life will receive your assets.
Adding information to the plan
At some point, you may need to add information or documents to your existing estate plan. You may be concerned about incapacitation and want to plan for that or receive an inheritance you want to be distributed properly.
If you find yourself in this situation, it is best to revisit the estate plan and add the needed documents.
Don’t wait to update your estate plan
Creating an estate plan is the responsible way to plan for your death. However, you must remember to update it from time to time. If you are still trying to decide what to change or add, you can learn more about your rights and options. By updating your estate plan, you can feel confident that your assets and belongings will be distributed based on your wishes after you pass.