If you find the thought of making an estate plan a chore, then you might be planning to just make it and forget about it. Unfortunately, that’s a bad idea, although it’s probably better than not making one at all.
Most people need to update their estate plans at regular intervals. Or they should at least review them to see if they need updating. Here are some reasons why a revision may be needed:
An out-of-date plan might benefit someone you no longer care for
Remember that girl or boy you pledged your heart to 20 years ago? What if you no longer feel the same way? Most people give their partner or spouse a significant role in their plan, whether that’s as a beneficiary, a power of attorney or both. If your relationship ends, it’s crucial to update your choices to reflect that.
An out-of-date plan may leave someone new in your life out
How will child number three feel if your estate plan leaves everything to their two older siblings because you forgot to update your plan to include them?
An out-of-date plan can create confusion
While you won’t be the one to deal with the confusion, why make your passing any harder for your loved ones than it needs to be? If your plan lists assets you no longer have or omits assets you acquired after you first made your plan, someone has to work out how to deal with that. Not only will it create confusion, and possible cause for problems between beneficiaries, but it will delay the distribution of your assets while things are being sorted out.
Remember, there is help available to create or update an estate plan.