Life is nothing if not unpredictable. No matter how carefully you plan, you may not wind up working in the industry that you expect or living in the house where you first had children.
That unpredictability is one of the reasons why people decide to develop an estate plan in the first place. They want to know that their loved ones will have resources if anything happens to them.
An estate plan is an excellent protective tool for both the person who creates it and their close family members. However, it may not offer as much protection as it should if you don’t update it when your circumstances change.
The best estate plans are detailed and specific
To ensure that the courts uphold your wishes and that your heirs or family members can’t needlessly challenge your legacy, you need to have accurate instructions in your will. If you estate plan includes property you no longer own, beneficiaries who have died or former spouses can lead to people bringing challenges against it and the court setting all or part of your instructions aside.
Your estate plan will give you the most protection if you consider everything from possible future incapacitation to the support your spouse will need if you die. When those details in your life change, you should consider reviewing and updating your estate plan.
Changing the assets that you list, your beneficiary designations and the people whom you empower through estate planning documents can help ensure maximum accuracy and thereby reduce the risk of someone else undermining or challenging your intended legacy.