The creation of an estate plan is a key form of personal protection, particularly for those with valuable property and/or dependent family members. Loved ones can be vulnerable when someone passes away unexpectedly or has an unanticipated medical emergency. They may not know how to act or may lack access to the right support to properly navigate that complicated situation.
An estate plan provides protection for the testator who drafts the documents and the people closest to them. Many people take for granted that they have adequate protection once they have a basic estate plan in place. However, family members and presumptive beneficiaries can sometimes initiate probate litigation if estate planning documents became outdated before the testator died.
Regularly reviewing and updating an estate plan is necessary for the optimal protection of a testator and their dependents. When might updating an estate plan be necessary?
After major life changes
There are countless changes to a person’s situation that might warrant making significant adjustments to an existing estate plan. Those changes include getting married or divorced, having children, losing a loved one or acquiring new resources.
In each of those scenarios, the terms outlined in an estate plan may prove inaccurate and outdated after someone’s death. Without an update, the wrong people might inherit from their estate or hold positions of authority. People might also be able to initiate probate litigation to challenge the estate plan based on its age or contents.
After a few years have passed
Testators do not have to experience dramatic personal changes for an estate plan to become outdated. In many cases, slow shifts in relationships and financial circumstances can lead to inaccurate and outdated documents.
Many estate planning professionals recommend reviewing documents at least a few times every decade. People may discover that they need to make minor changes every few years based on seemingly insignificant shifts in their personal holdings or in their family circumstances. Even changes in a testator’s health related to age might warrant the revision of documents already in place.
Proactively reviewing and updating estate planning paperwork can help people derive the maximum protection possible from their efforts. Maintaining accurate estate planning paperwork can be as important as choosing to draft documents in the first place.
