Why reviewing your estate plan every five to ten years is one of the most important things you can do for your family.

Imagine a time when you need the services of a long-term care facility. Your loved ones are working together to ensure you are receiving the care you need.  However, they are unsure of your estate plan and whether you have a Will or Power of Attorney.  Indeed, they do not know where the original documents are.

Many years ago, you retained a lawyer who has since passed away, and now a different firm is the custodian of the original Wills from his practice. Fortunately, the original Will is among those files, but the power of attorney is lost to time.  This kind of situation will create significant problems for your loved ones.

The scenario I describe is much more common than you may think.  For example, on one file we had, the Will itself was more than 30 years old, and any family will be fortunate that it had been safely preserved, but the experience serves as an important reminder: many people prepare a Will and then never think about it again.

Life Changes, Your Estate Plan Should Too

A Will is not a document that should be signed and forgotten. Over time, the circumstances that shaped your estate plan can change dramatically.

Children who were minors may now be adults with families of their own. A spouse who was your primary beneficiary may have passed away. Family relationships may have changed. A child may now have unique financial or personal needs that should be considered in your planning.

Your assets may also look very different than they did when your Will was prepared. Property may have been sold, investments restructured, businesses purchased or disposed of, or inheritances received. An estate plan that made perfect sense 20 or 30 years ago may no longer reflect your wishes or your financial reality.

Time Can Create Practical Problems

Even if your wishes have not changed, time itself can create unexpected complications.

The lawyer who prepared your Will may have retired or passed away, leaving your family uncertain about where the original documents are stored. While many law firms, including ours, maintain and safeguard the files of retiring or deceased lawyers, families are not always aware of where those records have gone.

Older Wills can also present legal challenges. We have encountered situations where minor defects in an older Will required additional legal work to resolve. As the years pass, witnesses may no longer be available, making those issues more difficult and expensive to address.

A Will Is a Living Document

I often tell clients that a Will is really a five-to-ten-year document.

That does not mean it needs to be rewritten every five years. However, it should be reviewed regularly to ensure it still reflects your wishes, your family circumstances, your assets, and any changes in the law.

Even if you ultimately decide that no changes are necessary, a periodic review gives you confidence that your estate plan continues to do what you intended.

When Was the Last Time You Reviewed Your Estate Plan?

If it has been ten years—or longer—since you last reviewed your Will or your Powers of Attorney, now is an excellent time to revisit them.

A simple review today can save your loved ones significant uncertainty, expense, and stress in the future.

If you would like us to review your Will and Powers of Attorney, please contact our office at 905-523-6464. We would be pleased to help ensure your estate plan continues to reflect your current needs, your priorities, and your wishes.