When should you update your estate plan?

On Behalf of | May 27, 2021 | Estate Planning |

Estate planning is an important legal process that can benefit all Texas residents. From those of modest means to those of extreme wealth, any qualified adult who wishes to have control over what happens to their property when they die can create a comprehensive estate plan. Because many legal requirements attach to the documents and tools involved in estate planning, it can be a good idea for those who wish to engage with the process to do so with the help of trusted estate planning lawyers.

Once an individual has created an estate plan, they may believe that they no longer have to think about it. This is a mistake, however, as many individuals need to update their estate plans throughout their lives. This post will introduce readers to some of the situations which may require individuals to update their estate plans, but as with all the posts on this blog, no part of this post should be read as specific legal advice.

Changes in families and beneficiaries

One of the most common reasons that an individual may need to change their estate plan is because of a change in their family. When a person goes through a divorce, they will want to remove their ex-spouse’s name from their estate planning documents. If they remarry, they may want to replace their ex with their new spouse. Similarly, when an individual has a child who is not included in their original estate plan, they may wish to update their estate plan to ensure that their new child is not left out of inheriting from their end-of-life estate.

Changes in wealth or preferences

Another reason that an individual may wish to update their estate plan is if they have a change in wealth or the possession of their assets. If they specify that particular individuals are supposed to receive particular items of property and they no longer own those items of property at the time of their death, the named beneficiaries may not receive anything through the decedent’s estate. Also, over time an individual may wish to alter who receives items of property from their estate. The failure to make updates to their estate plan may result in property being given by bequest to individuals who the decedent no longer wished to have benefit.

Estate planning is important for many reasons and does not end once in an estate plan is completed. To update one’s existing estate plan or to begin the process of creating an estate plan, a reader can contact their trusted estate planning attorney in Dallas for help.