One of the easiest mistakes for people to make regarding an estate plan for a last will is to assume that once they initially complete the process of creating one, they won’t have to worry about it anymore. While it is true that creating an estate plan or last will provides you with peace of mind and your loved ones with security and guidance about your wishes in the event that something happens to you, the guidance and protection in your estate plan is only as good as the plan itself.
If you created an estate plan when you found out you were going to have children, the issues you address in your documents may no longer apply to your life if they have grown up and become independent.
Reviewing and revising your estate plan can ensure that you cover all the pertinent topics and issues for your current life situation and also that your will won’t be open to legal challenges just because of how old and inaccurate the document currently is.
Your will needs to change when your family situation changes
Perhaps you have always known that you wanted your assets evenly divided among all of your children. In that scenario, provided that you have had children and at least some of them are still alive, the contents of your last will or estate plan could still be accurate.
However, people tend to acquire specific assets they would like to leave to people. The family members whom they want to support after they’re passing may now be old enough to support themselves. People could also grow their families in other ways, such as adoption or by caring for the children of family members who can’t do so themselves.
Adjusting your last will when your family situation changes helps ensure that it is up to date and accurate. The more frequently you revisit the terms of your last will, the better the protections for your intentions and the people whom you love and provide for.
Early wills and estate plans may not address issues for your golden years in Georgia
In your 20s and 30s, you may not be able to predict all of the issues that may arise in your family, personal life, career or health as you age. Your last will and will likely focus on ensuring transfer of assets and guardians for your children.
As you get older, however, you may have other concerns you want to address. These could include leaving an advance health care directive or creating a power of attorney in the event that you wind up incapacitated for one reason or another. Talking with an experienced estate planning lawyer can help you determine when and how to update your existing estate plan.