It is important to draft an estate plan in advance. You do not want to procrastinate the process because you never know what the future holds.
But the downside of making it in advance is that it may not actually be used for decades. This could mean that it is quite outdated, so it is important to understand when you need to make updates to your plan. Here are three times to keep in mind.
A serious medical diagnosis
First of all, if you get a medical diagnosis that is going to impact the length of your life or your quality of life, it is time to focus on medical decisions. You can make some medical decisions in advance with a living will. You can also use a medical power of attorney to choose an agent to make decisions on your behalf.
A change in marital status
If you are single and you get married, then it is time for you to update your plan to address your new spouse. If you are already married and you get divorced, you may also want to update it to remove your spouse or take away certain designations you have made – such as if you already have a medical power of attorney designating your spouse as the agent.
Changes to your family
Additionally, you just want to keep an eye on your family and the beneficiaries that you want to include in your plan. In some cases, children may get married or grandchildren may be born, so you have new beneficiaries to consider. In other cases, a beneficiary may get divorced or pass away.
Your estate plan can certainly account for all of these changes, as long as you are dedicated to making updates at the correct times. It is important to understand your legal options and how to draft a plan that will work for your family.
