Creating an estate plan is an important step to ensure that your assets are distributed according to your wishes after your death. However, it’s equally important to update your estate plan as you age. Life is unpredictable, and circumstances change over time, which is why estate planning is an ongoing process.
Updating your estate plan as you age can provide several benefits, including:
- Ensuring that your wishes are followed: Estate planning involves creating a plan for the distribution of your assets after your death. Updating your estate plan regularly ensures that your plan reflects your current wishes, and that your assets are distributed as you intended.
- Protecting your assets: As you age, your assets may increase in value. Updating your estate plan ensures that your assets are protected, and that your beneficiaries receive their share of your estate without any unnecessary taxes or legal issues.
- Avoiding family disputes: A well-written estate plan can help avoid disputes among family members after your death. Updating your estate plan regularly ensures that your plan is clear and concise, and that there is no room for interpretation.
- Providing for your loved ones: Updating your estate plan can help ensure that your loved ones are taken care of after your death. This may involve providing for a spouse, children, or other family members, as well as making provisions for your pets or any charitable organizations that you support.
- Planning for incapacity: An estate plan should also include provisions for what happens if you become incapacitated and are unable to make decisions for yourself. Updating your estate plan ensures that your wishes are followed in such a situation.
In conclusion, updating your estate plan as you age is an important step in ensuring that your wishes are followed after your death. It’s important to work with an experienced and qualified estate planning attorney to make sure that your estate plan reflects your current wishes and circumstances.
Timothy P. Murphy is an estate planning and elder law attorney whose practice emphasizes helping people to build, preserve and pass on their wealth. He works with his clients to accomplish their goals while avoiding unnecessary court proceedings and minimizing or eliminating exposure to death taxes.
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