Most people in the U.S. have yet to address their estate plan. This means that if you have drafted one, you are ahead of the curve. Nonetheless, drafting an estate plan isn’t a one-time event. Your estate plan needs to accurately reflect your current wishes.
Any significant change in your circumstances could warrant updating your estate plan. Here are some examples.
Familial changes
Any significant changes in your family dynamic could mean that it’s time to review your estate plan. For instance, if you have divorced, then you may wish to remove your ex-spouse from key estate planning duties. You may also wish to limit the assets they receive.
If you have just had a child, then you’ll want to make sure that child is not left out of your plans. Children generally have automatic inheritance rights, but the safest way to protect their future is to leave precise instructions in your estate plan.
If you have moved
Estate planning laws vary from state to state. The legal terminology regarding wills and other estate planning documents in Texas is very precise. Thus, if you have moved to Texas from another state, you may want to take another look at your estate plan.
New assets
If you have recently come into a significant amount of money or purchased real estate, then it may benefit you to provide for this in your estate plan. If you were to pass away without a will, then you would die intestate. This means that the court gets the final say on how your significant assets are distributed.
If you feel that it’s time to update your estate plan, having sound legal guidance will help ensure that your final wishes are honored.