Though creating an estate plan is undoubtedly a beneficial step to take, updating that plan is just as important. Delaware residents could face a number of life changes that would prompt a change to their plans. However, failing to update plans is one of the biggest estate planning mistakes and can cause future problems for surviving loved ones.
If individuals are wondering when they should update their plans, it is wise to do so every few years, even if no major change has occurred. A simple change of mind could warrant an alteration to an estate plan. Of course, certain events could also present cause for individuals to update their plans before a few years pass. For instance, if a person moves to another state, updating the plans to coincide with state laws is important.
Changes in personal relationships also often mean estate plans need changing. Individuals may welcome new children or grandchildren and need to make beneficiary changes to account for those new loved ones. It is also possible for people to lose loved ones or have a falling out that makes it inappropriate to keep a person named as a beneficiary or executor. If changes are not made to the plan, complications result if a deceased person is still named as a beneficiary or the executor.
Estate planning is an ongoing process. Delaware residents can benefit from keeping their plans updated, and these updates can also benefit their loved ones when the time comes to enact those plans. Interested individuals can speak with knowledgeable attorneys about when and how to update plans.