Having an estate plan in place is definitely important, but so is keeping documents up to date. Many testators who have wills and other estate planning documents may take for granted the idea that they have adequate protection and the ability to access support if they have a personal emergency.
However, the more time that has passed since the creation of the documents, the more likely they are to contain outdated terms. Those preparing for or enjoying retirement may need to occasionally review and update their estate plans.
What might make a revision of personal estate planning documents necessary?
Changes in family circumstances
During an adult’s golden years, their family may shift significantly. Gray divorces among older adults have been on the rise in recent years, and divorce makes numerous estate planning revisions necessary. Their families may also shift significantly. Frequently, older adults may need to adjust their estate plans to include inheritances for their grandchildren. In tragic cases, they may need to remove beneficiaries who die or no longer maintain a relationship with the testator.
Changes in financial services
People preparing for retirement and those who have already stopped working full-time may need to think about protecting their assets. Those living on a fixed income during retirement could fall behind on their obligations and find themselves facing creditor lawsuits. They may also need to consider the possibility that they could require long-term care in the future. Making proactive financial adjustments before older adults may require Medicaid benefits to pay for nursing home care can help them avoid penalties and reduce the risk of estate recovery efforts after their passing.
Changes in health
Age comes with a variety of medical challenges. Some people experience cognitive decline. Others have medical issues that require regular care. Changes in health can influence what types of support people need and what they hope to receive in a medical emergency. Older adults may find that their wishes regarding medical care may shift. They may no longer want heroic efforts to resuscitate them or sustain their life if they experience a major medical event like a stroke or a heart attack. They may be more receptive to pain management because they have less reason to worry about addiction. Aging adults may also find that they need to establish durable powers of attorney in case they become incapable of managing their own affairs.
Older adults who review and update their estate plans can optimize their personal protection. Reviewing documents every few years and after major life changes can help people protect themselves and their loved ones from all kinds of challenging situations.
