Once people create their estate plan, many of them tend to set it aside and forget that it exists. It is important to remember that as you age, your estate planning documents age, too. Your needs and goals likely change during this aging process. As a result, it is important to consider the need for modifying your existing plan.
6 Ways the Aging Process Impacts Your Current Estate Plan
How does the aging process impact your current estate plan? The following are six examples:
- Your health may have changed significantly. Perhaps you are suffering from a chronic illness or condition. Regardless of the specific type of change, it may be reason for you to update your estate plan.
- Your need for long-term care. You may be increasingly concerned about the costs of long-term care. As you age, the potential need for in-home medical services or nursing home care can cause your estate planning goals to change. Careful planning must be done in order to protect your assets in the event that you need this type of care.
- Your medical wishes may have changed. As you age and consider end-of-life issues, your perspective about what you want for medical care may have changed. It is important to update your estate planning documents accordingly.
- Your agent for health care decisions may have died or may no longer be an ideal candidate for fulfilling this important role. Modifying your estate plan can help ensure that the correct person is named in this capacity.
- Your age may have an impact on your retirement assets. For example, you may now be required to take required minimum distributions from your 401(k). When this happens, it is important to consult with your attorney about adjusting or modifying your estate plan.
- Your family circumstances have changed. As you enter a later stage in life, chances are good that your family circumstances are not what they were when you first created your plan. You may have remarried, lost a spouse, have children who are now adults, or have grandchildren. Updating your estate plan is important to ensure that your goals are met.
When you are ready to update your estate plan, we are here to help. We encourage you to contact us today for more information at (714) 459-5481.