Figuring out how individuals want their worldly affairs handled after their deaths can be daunting. For this reason, many people in California and across the country create their wills and think they are finished with the difficult process of estate planning. However, nearly everything in life is constantly changing, and an outdated estate plan could cause problems.
If it has been a while since looking at an existing estate plan, it is wise to dust off the documents and give them a review. Some people may find that they still have guardians named for their children who have long since grown and started families of their own since the plan was created. While this bit of outdated information may not cause much issue when the time comes to execute the will, other outdated information could set surviving loved ones up for delays and complications.
It is also important to consider adding documents to a plan that may not be as comprehensive as it should be. For example, if individuals have not made plans for the possibility of needing long-term care and have not appointed someone to act on their behalf in the event of incapacitation, it may be wise to start that process sooner than later. If this information is not provided, the court could appoint a guardian.
Wills and other estate planning documents hold a great value, which is why is it important that they are kept updated. Any outdated information could lead to unforeseen issues that could affect the testator, his or her family, and the estate. As a result, California residents may want to revisit their plans and go over potential areas of improvement with knowledgeable estate planning attorneys.
