It is a good idea to update your estate plan periodically. This is especially true if you wrote it at a relatively young age. Your life circumstances are going to change, and you may need to make alterations based on marriage, divorce, a medical diagnosis, changes to assets and much more.
However, there can be some issues if you make these changes at the last minute. That is why it is important to plan in advance. What complications could last-second changes create?
Allegations of undue influence
One potential issue is that beneficiaries may argue that undue influence was used to get you to make those last-minute changes.
For instance, say that one of your adult children is a caregiver who assists you on a daily basis. They were always in the will, but you decide that you want to shift more assets over to them before you pass away. If you do it just days before you pass away, other beneficiaries may contest the will by saying that the caregiver unfairly influenced your decision.
Questions of testamentary capacity
Questions of testamentary capacity can also arise. Essentially, you need to have the mental capacity to understand the changes you are making to your estate plan. But if you make those changes very late in life, beneficiaries may contest the changes due to a lack of testamentary capacity, such as if you had a diagnosis of Alzheimer’s or dementia.
So, while updating your estate plan is important, it is crucial that you understand exactly how to do it and when to do it so that your wishes will actually be upheld. Take the time to carefully look into your legal options.