Future-proofing your legacy: Reasons to update your estate plan

Establishing an estate plan is one big step towards protecting yourself, your assets and your loved ones. However, the process does not stop there. Estate planning is a continuous journey that you must be mindful of. While you may think it’s enough, your existing estate plan may not meet your needs today.

Here are reasons why you should regularly review and update your estate plan:

Aligning your plan with your current needs

As time goes by, you will experience changes in your lives that would necessitate you to update your estate plan. This includes changes in family circumstances (marriage, divorce, the birth of a child or a death of a family member), relationships, assets, health and so much more. Hence, it is best to regularly review and update your plan to reflect your current wishes.

Planning for endless possibilities

It may not have been your priority when you first created your estate plan, but planning for the possibility of incapacity or the need for nursing home care can serve you well now.

If you fail to update your estate plan to prepare for the possibility of incapacity or elder care, among other possibilities, you risk the following consequences:

• The assets you intended to benefit your family could end up paying for your long-term care.
• Your assets might end up in the hands of someone who is incapable of managing them properly.
• There could be conflicts and disagreements about your medical care, especially if you fall in a terminal condition.

If you need to update your estate plan but are unsure what to include, it is generally advisable to speak to an estate planning attorney who can provide specific estate planning guidance based on your individual circumstances.