Many people may write their will or set up trusts and leave it at that, but Forbes reports that it’s important for the elderly to review these documents every so often in order to make any necessary changes.
Although people may not realize it when they first set up their will, relationships can change dramatically over time. In the case of wills that are old or out-of-date, money or possessions may be left to someone who the senior is no longer close with, or the recipient may have passed on themselves. Most people don’t think of their will very often, so they don’t give a second thought to writing certain people out of the will or changing the provisions they originally wrote down.
Children are a prime example of this, writes the news source. For example, many younger couples write their will and include all sorts of provisions and protections for children, as they’re thinking of them as very young. As people grow older, those children have grown up and such protections may not be necessary.
Accumulation of wealth is another reason to take a second look at a will or trust. It may turn out a senior has more money now than when they wrote their will years ago, and that will need to be reflected in the will. Items can be a source of contention too, but there’s rarely a strain if the owner is clear about who gets what.
It may also benefit seniors to talk with their lawyer about setting up provisions for their own lifetime, reports the news source. Giving power of attorney to a caregiver may be necessary as a senior begins to no longer be able to make complex decisions for themselves, as is the case with Alzheimer’s caret patients and those suffering from other debilitating diseases.