A large percentage of adults, including those with children and valuable assets, do not have wills or any other estate planning documents. Many people simply procrastinate. They tell themselves that they can put together an estate plan later.
Others may convince themselves that they don’t need a written estate plan, as their surviving family members understand their wishes. The reality is that estate plans provide critical guidance and even authority for those left behind when someone dies. Without a will, state laws, rather than the previously-expressed wishes of the decedent, control their resources.
Estate plans also prevent families from fighting over an estate. Making the effort to establish an estate plan is a responsible decision. Keeping the estate plan updated is also important.
Documents should change as life does
Personal circumstances constantly evolve. Relationships grow closer, and people become alienated from one another over time. Adults acquire new property and sell existing assets. Family members die, while new children join the family.
Any major changes to an individual’s circumstances could make estate plan revisions valuable. Reviewing documents after major transitions, such as divorce or the sale of a residence, is a smart move. Testators may also benefit from reading over their wills and other estate planning documents every few years to determine whether they still properly represent their wishes and address their needs.
Sitting down to discuss estate planning goals and review existing documents can help people establish a legacy and protect their loved ones. Updated estate plans are more likely than outdated documents to hold up under scrutiny in probate court.