Many adults don’t have an estate plan in place for their loved ones to follow. Unfortunately, this means that their loved ones will have to guess about what they would have wanted. Their assets will be divided according to the state’s intestate laws, which might not be what the decedent wanted.
For individuals who have already taken the time to create an estate plan, remembering to review it periodically is important. This is a chance to ensure that it still reflects their wishes and that everything is in order. There are some specific life events that should trigger a review. These include:
- You get married or divorced
- You lose someone who was in your estate plan
- You have a new child or grandchild
- Your children reach adulthood
- You move to a new state
- You acquire more assets
- You get rid of assets
- Tax laws that apply to your estate plan change
Are there other times when you should change an estate plan?
You should also change your estate plan if you have a change of heart about the contents of it. This could mean that you want to change how your assets are divided, but it might also mean that you add or remove individuals.
You also need to update the estate plan if you want to change the individuals who are named in the power of attorney documents or if you need to change the personal representative. This may be because the individuals have passed away, but it might also be because you aren’t confident that they will comply with your wishes.
Updating your estate plan is also necessary if you want to change your wishes for medical care. When you update those documents, you can check everything else to ensure that it’s all how you want it set up.
Even if you don’t have any of those life events, you should double check the estate plan every year or two. If you find things that you need to change or update, do so quickly while you’re still legally able to make the modifications. Your attorney can help you to get this done in accordance with Texas laws.