You might breathe a sigh of relief when your initial estate plan is completed, as you’re left feeling like you’ve crossed a big to-do off your list. And creating that initial estate plan is powerful. It can give you peace of mind as far as how your assets will be distributed once you pass away, and it can give you comfort knowing that you have individuals you trust in place to make important decisions on your behalf in the event that you’re unable to make them for yourself.
Yet, as time goes on and life changes, so could the needs of your estate plan. If you’re reading this post, then you might have a lump in your throat, feeling like you’ve made a big mistake in the creation of your estate plan, worried that your assets are going to fall into the wrong hands. But it’s okay. You’re here now learning what you can do to remedy the situation. And the great thing is that you have time to modify your estate plan to suit your needs in light of changed circumstances.
How to modify your estate plan to ensure that your goals are met
Don’t panic if your estate plan no longer meets your needs. Instead, consider doing the following to ensure that you can modify your estate plan in a way that protects your interests as well as the interests of those you care about most:
- Update your beneficiaries: If your relationships have changed with your named beneficiaries to the point that you no longer want them to inherit from you or you want them to inherit less, then now is the time to modify your estate plan to reflect your wishes. We know this can be uncomfortable to do, but you have to make the decisions that are right for you and your estate.
- Conduct another inventory: When you created your initial estate plan, you probably conducted some sort of inventory of your assets so that you knew what to leave to your loved ones. As time goes on and you acquire new assets, you’ll want to be sure to address them in your estate plan. This is particularly true if you acquire a particularly valuable asset. So, don’t neglect conducting another inventory at some point, even if you do have a pour over will in place. You want to make sure your assets end up in the hands of those you want to receive them.
- Communicate: Talking about your estate plan can certainly be tough, especially when you’re discussing it with those who are set to inherit from you or who are anticipating an inheritance. Yet, being open, honest and clear with these individuals can temper expectations and help avoid will challenges and other issues that could be litigated in probate court. So, carefully think through how you can talk to your loved ones about any modifications that you need to make to your plan.
- Document everything: Again, if your estate plan modification is going to upset someone, you want to document the justification for your decision as clearly as possible so that you don’t open your estate up to litigation. Visiting your doctor prior to executing the modification can be helpful, as it can show that you have the requisite mental capacity to make the modification, and documenting any gifts given to someone who will be cut out of your inheritance scheme and documenting their acceptance can also help prove proper capacity.
Instead of paralyzing yourself with worry, act now to protect your estate
We know it can be gut-wrenching to suddenly feel like your estate plan falls short of meeting your needs. But don’t let your worry lead to procrastination. Instead, use it as motivation to figure out your next steps and how to appropriately modify your estate plan to bring your vision of the future into reality.
