Your Texas estate plan isn’t a fixed document that will remain valid for the next forty or fifty years. Rather, it’s a fluid plan that should be reviewed and adjusted whenever you go through major life changes. If you keep your plan up-to-date throughout the rest of your life, you’ll be able to ensure that your family is cared for after your death.
When should you update your estate plan?
Even if you haven’t undergone a major life change, your estate plan should be periodically reviewed to make sure that everything is still accurate. However, it’s important to think about estate planning if you’re entering a new phase in life that could affect your assets and finances.
Many people review their plans after they’ve moved to a new state. Each state has its own inheritance laws, so a plan that works in Texas might not work in another state. You might also want to review your plan if you move to a new house since you’ll have to account for new properties in your will.
You might also want to talk to an estate planning attorney if you’ve experienced a major change in your family. For example, if you’ve recently experienced the birth of a child or grandchild, you might want to include this individual in your will. You might also want to choose a guardian for minor children–while it might seem safe to assume that your children will be adults when you die, this isn’t always the case.
You should also update your plan if you lose a friend or family member who was mentioned in the will. Whether they died or were simply cut out of your life, it’s important to make sure that your assets go to the right people.
Should you hire an attorney when you revise your estate plan?
If you’ve already written your estate plan, you might not think that you need an attorney to help you revise it. However, a single change could cause legal or tax issues if you’re not careful. An attorney could help you update your will and keep everything legally binding.