If you do not continuously update your estate plan, then it will not be as effective as you want it to be.
After people get an estate plan, the last thing many of them want to do again, is to go back to the estate planning attorney and make changes.
It can be expensive to do so and it takes time away from other things. It also forces people to think again about their own deaths.
This leads people to think that if they have already gotten an estate plan, then at least they have something. They believe that they do not need to make regular changes, since they will always have time when they are older to change their plans to account for everything that has changed since they first got estate plans.
However, that is a bad idea as Market Watch reports in “There’s no time like the present to update your estate plan.”
The biggest issue is that you might not have as much time to update your estate plan as you think. Even the most cautious person with the healthiest habits in the world, can never know what might happen to him.
You do not have time to wait to update your estate plan to take changing circumstances into account. It is important to make changes to your estate plan, when those changes first become necessary.
If you do not continuously update your estate plan, then you risk leaving your family in a bad position when you pass away. They are the ones who will have to deal with anything that might have made sense once, but that no longer does.
Reference: Market Watch (August 7, 2017) “There’s no time like the present to update your estate plan.”