Having an estate plan is important for everyone, but the responsibility of creating this plan doesn’t end when the ink is dry. Estate plans should grow and change with you throughout the years, to reflect new circumstances and new wishes for how your assets are handled after you die or if you become incapacitated.
But how often should you review and update your estate plan? A Houston estate planning lawyer recommend looking over your plan for any needed updates at least every few years, but definitely whenever you have major life events, including:
Change in marital status: For most people, the changes that would necessitate an update of your estate plan are getting married (or divorced). When you get married, you want to make sure that your will and other important documents include your spouse as a beneficiary. If a divorce happens, you’ll likely want to remove your ex from these.
Changes in the family: Having a child is another major reason to update your plan. When you start growing your family, you’ll want to make sure each child you have is included, that guardians are named for them should anything happen to you and that they are named as beneficiaries.
Changes in assets: Major changes in your financial situation are another good reason to update your estate plan. If you come into a large amount of money, bought a house, had changes implemented in a business you own, or even suffered big financial losses, your estate plan should reflect these new circumstances.
What if you haven’t experienced any of these, or other, major life changing events? Well, our Houston estate planning attorneys still recommend a thorough review of your documents every few years to make sure that not only does it reflect your current situation, but also that it reflects current laws.
Laws on probate and taxes are always subject to change, and these laws vary from state to state. If you relocate to another state, or the laws change in your current state, it’s important to review your estate planning documents to ensure they will still be legally valid.
Do you need help creating or updating an estate plan? A Texas probate lawyer can help. Contact us today for assistance.