Not everyone puts effort into estate planning, which may lead to chaos when someone passes away. When a person dies without a will in Texas, intestate secession laws guide how assets are distributed. The results may be far from what the decedent intended. To avoid such problems, drawing up a will with an attorney may be advisable. Experts also recommend taking steps to update an estate plan when necessary.
Changing an estate plan
A typical image that may come to mind involves writing someone out of a will. And sometimes that’s the case. When relationships sour, removing someone who was named as a beneficiary in a will may be unavoidable. The will probably contains a designated executor of the estate. What if the testator feels he or she made the wrong choice? Changing the executor could be an option.
There are many issues to consider when updating an estate plan. Circumstances could change dramatically. Someone of modest means may inherit a large sum of money or experience a cash windfall from a business surge. Making alterations to a will may make sense in these scenarios.
Additions to the family in the form of the birth of a child or grandchild bring new possible beneficiaries. Creating provisions for them in the will may be immediately necessary.
Unless the testator changes the old will, then it likely stays in effect. Delaying or making changes could prove troublesome. Working with an attorney routinely to determine if changes are necessary may prevent a regrettable outcome.
Be mindful of health-related issues
Estate planning involves other matters. Someone could become ill, incapacitated or otherwise unable to handle his or her personal affairs. Power of attorney could transfer authority to an agent to handle financial and other matters.
A person may struggle with a terrible illness and become unable to communicate or outright incapacitated. A living will establishes directives to be followed. A health care proxy moves decisions to another person. As with a will, these documents may require alterations based on various factors.
Estate planning changes may be overdue. It may be worth discussing your estate plan with an experienced attorney.