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When do you need to review your estate plan?

On Behalf of | Aug 23, 2021 | Estate Planning

Creating an estate plan in Texas, or around the country, can be an effective way to retain control of your assets during your lifetime and after your death. It can also be an effective way to ensure that your children are cared for in the event that you pass before they reach the age of majority. However, if your plan is not executed properly, it could be invalidated or otherwise fail to meet your needs.

Review your plan at least once a year

Ideally, you’ll take a look at your will, trust or other plan documents at least once every 12 months. This can help to ensure that they are structured in accordance with state law. Furthermore, it can help to ensure that they are structured in a manner that allows you to meet your estate planning objectives.

Review your plan after a major event takes place

It’s also a good idea to take a look at your estate plan after a major event takes place. For example, if you get a divorce, you’ll need to ensure that your spouse is no longer a beneficiary of your 401(k). If your primary executor passes away, you’ll want to appoint a new person to that position. It may also be a good idea to review a will or trust if changes are made to the state or federal tax code.

It can be tempting to forget about your estate plan after executing a will, trust or other documents. However, failing to review your plan regularly could leave it vulnerable to becoming obsolete or inefficient at helping you achieve its intended goals. Even if you plan is upheld by a judge, exposing it to a potential legal challenge may make it harder to settle your affairs in a timely manner.