How to Update and Review Your Estate Plan at Senior Transition Points

Your estate plan should never be treated as a “one-and-done” effort. Life changes and so should your estate plan. For many older adults, the biggest shifts happen later in life. You might move into assisted living, get a new diagnosis, or simply realize that you need day-to-day help because your life is becoming too demanding. These moments aren’t just emotional milestones for families. They are also critical legal turning points.

Timing is important

As parents age, their medical, financial, and personal circumstances tend to evolve. Powers of attorney that once made sense may no longer fit their interests. The family member who was designated as agent ten years ago may have moved away or become ill. Likewise, bank accounts, home ownership, or retirement assets could have changed since the plan was first put into place.

If your parents’ estate plan has not been reviewed in the last three to five years, it’s likely time for an update. A current estate plan ensures that decisions are made by trusted people, and your assets are protected from unnecessary taxes or long-term care costs.

Key documents you should revisit

• Durable power of attorney (POA) – This legal tool lets a trusted individual step in to manage finances and legal affairs if a senior becomes unable to do so themselves. It’s worth reviewing regularly to make sure the plan still lines up with your parents’ current wishes and that it complies with up-to-date Virginia laws.
• Advance medical directive – Over time, medical preferences can shift. Doctors change, new conditions can develop, or a person’s views on certain treatments could evolve. Keeping this directive current ensures that healthcare providers and loved ones are all on the same page when it comes to making critical medical decisions.
• Last will and testament or living trust – Life won’t stand still. Property values shift. Beneficiaries come and go. Titles can change hands. Reviewing and updating an estate plan helps avoid confusion and delays.
• Beneficiary designations – These can often be missed. Retirement accounts, life insurance policies, and annuities all have their own named beneficiaries. Those designations actually take priority over what’s written in the will. It’s a good idea to double-check that everything lines up with the overall estate plan.

Involving family without overwhelming them

Talking about legal documents and future plans isn’t always easy. For aging parents, it can bring up fears about losing independence. For adult children, there’s often a concern about stepping on toes. That’s why it helps to have a calm, respectful conversation—ideally with the support of an experienced Virginia Beach elder law attorney.

A guided family meeting gives everyone a chance to go over the essentials, such as: who’s named in each document, what their roles and responsibilities are, and where the originals are kept in case of an emergency. Having that clarity ahead of time can be incredibly reassuring both for parents and their adult children.

Talk to a Virginia Beach Elder Law Attorney Today

The Law Office of Angela N. Manz represents the interests of Virginia Beach residents who need to draft or change an estate plan. Call our Virginia Beach elder law attorney today to schedule an appointment, and we can begin discussing your next steps right away.