Creating an estate plan in Texas is essential to protect your assets after your death. Updating and reviewing your estate plan should be done regularly to ensure it remains accurate and valid.
When you get married or divorced
Remember to revise older estate plans when you get married and divorced. Significant life changes need to be reflected in your estate planning to be sure you include or remove beneficiaries.
When you have or adopt a child
If you didn’t have children when you created your estate plan, or if you’ve had more children since then, be sure to update your estate plan accordingly. The same is true if your circumstances have changed, and you need to name a different guardian. Additionally, if you have minor children, you’ll need to update your estate plan to include a trust. A trust can ensure that your assets are used for your children’s benefit and that they’re protected until they reach adulthood.
When you move to a new state
Estate planning laws vary from state to state. If you move to a new state, your estate plan may no longer be valid. It is best to update your estate for the laws in your new state as well as contact information. For instance, you may want to take advantage of different estate planning opportunities that are available in your new state.
When your financial situation changes
If you experience a significant change in your financial situation, such as inheriting a large sum of money, you’ll need to update your estate plan. This is because your estate may now be subject to estate taxes, which were not a concern before. Additionally, you may want to use some of your new assets to fund a trust or make other changes to your estate plan.
If any of these circumstances apply to you, it’s time to review and update your estate plan. Failing to do so could result in your estate plan not being conducted the way you intended.