There are a lot of changes that can happen in just a few years. People are often told to update their estate plan every three to five years.
Before updating your estate plan, you may want to consider what changes you need to make. Here are some questions to ask:
1. Have you moved?
Each state has unique estate planning laws. If you have moved to Texas, you may need to consider how Texas’s laws can impact your estate plan. You may need to alter your estate plan to consider inheritance and estate laws and property laws. You may also have to alter certain estate planning documents, such as trusts, transfers on death deeds or holographic wills.
2. Has your marital status changed?
Were you single, married or divorced the last time you drafted your estate plan? You may need to update your estate plan if your marital status has changed. You may need to alter your list of beneficiaries to add or remove a spouse.
Furthermore, you may want to consider updating your power of attorney document. Your agent could have the power to manage your future health care or financial accounts. You may want to consider who your power of attorney agent is if your marital status has changed.
3. Have you invested in real estate?
You may have invested in real estate since you last drafted your estate plan. Real estate is a major asset that you may want to include in your will or trust. You may need to consider what happens to your real estate after you pass away and who should inherit the asset.
Ready to update your estate plan? You can reach out for professional legal guidance for help.