Adults who have estate plans on record have more protection than the average person. It is far more common than people may realize for otherwise responsible adults to fail to draft wills and other critical documents.
Many people who have estate plans created their documents many years or even decades ago. Those preparing for retirement or worried about upcoming medical challenges after a recent diagnosis may want to review their estate plans and make updates. Quite a few adults let their documents become dangerously outdated.
How often are updates necessary?
As a general rule, most people should review and adjust their estate plan after major changes in their personal circumstances. The addition of new family members or the death of a loved one could make an update necessary. Both divorce and marriage, as well as the acquisition of major assets, can render estate planning documents outdated.
Particularly in cases where people may not have included younger children or grandchildren as beneficiaries, their outdated documents are likely at risk of causing probate conflict. People who can credibly claim that they were excluded from a will unintentionally due to oversights on the part of the testator could challenge the will or other estate planning documents in probate court. Their actions could undermine an individual’s true wishes or diminish estate resources.
Reviewing documents every few years and after any major changes in circumstances can protect people from scenarios in which their outdated documents become ineffective. Adults who keep their estate plans updated have more protection than those who draft their documents and then never reconsider their wishes or the needs of their family members.