Dead-Man's Switch Cryptography?
The scheme you propose is not possible as far as I know. This is because $enc(M)$ has to be known for the dead-man's switch to operate (in a time capsule like way, as you described), but there is no way in taking away the time capsule from someone non-cooperative (Eve), to substitute it with $update(enc(M))$.

Another possible scheme can be thought of, if you have a group of trusted parties. One can then use a threshold scheme in order to hide the key $k$ to your encrypted message $enc_k(M)$.
Whenever you don't update those trusted parties, after $t$ time, they can connect to each other, and if they reach the threshold of the scheme, release the key $k$.
This protocol requires a couple of external trusted parties. Although they can be computers, both computer and human can get compromised before the dead-man's switch fires.