If a person has assets to his or her name but no plan for passing those along to loved ones, it may be time to start thinking about estate planning. Even Texas residents who have wills already may not realize when it is time to make revisions. Though it is always a good time to start estate planning, there are several life events that particularly call for the need to make or revise a will.
When spouses separate or are about to separate they should take a look at their existing wills as soon as possible. Some people forget to update their wills during or after a divorce, meaning that an ex-spouse could remain among the primary beneficiaries of the will.
Many people decide to create a will when they are about to have a child, but they do not think about changing the executor of their will once their children become adults. Individuals may also forget to update their wills after an executor passes away, which is precisely when a change should be made. In the unfortunate event that one’s child develops substance abuse or creditor problems, that parent should be prepared to revise his or her will to give a third party control of distributing funds to the child, and those funds should only be distributed for specific purposes.
If someone inherits a large sum of money or property, that person’s will should be revised to account for that inheritance. Individuals with property in another country should consider whether it might be easier to have separate wills for each country.
People who have not thought about estate planning before may want to seek help from an attorney. Estate planning attorneys can help draft or revise a will or create a trust.