An outdated estate plan is almost as bad as no estate plan. Either way, it means that things may not play out as expected in the future.
Here are some reasons an outdated estate plan could cause you and/or your loved one’s trouble:
- The wrong executor: You must be able to trust that the executor of your will has your best interests in mind. The same holds true if you have a trust and trustee. If you need to make a change, don’t wait.
- The wrong guardian: There’s nothing more important than the well-being of your children upon your passing. If they’re under the age of 18, you can name a guardian who will step in and raise them. Over time, you may find that the person you originally named as guardian no longer makes sense. This requires your immediate attention.
- Incomplete incapacity planning: Your estate plan shouldn’t begin and end with what happens upon your death. You also have to plan for incapacity, such as the result of a serious injury or illness. The incapacity planning portion of your estate plan should touch on details such as who will make medical decisions on your behalf and the type of care you wish to receive
When was the last time you reviewed your estate plan? If you don’t know the answer, now’s the time to find it, review all the details, and decide if any changes are necessary.
If you have any questions or concerns, don’t hesitate to contact our law firm. We’re happy to assist you in your review and make any changes as necessary.