Devising documents related to estate planning represents an important step for those concerned about family members and beneficiaries. Effective estate planning could eliminate many troubles in a Texas probate court. That said, circumstances might change, necessitating revisions to the documents.
Concerns that might prompt changes
Significant life changes could prompt necessary revisions to estate documents. Divorce ranks as such an event, as ex-spouses might not wish to list each other as beneficiaries in wills after a decree arrives. Some may attempt to revise their estate documents even before the final divorce decree.
The birth of a child or grandchild might also necessitate changes. Leaving a child out of a will could be a significant mistake, sometimes resulting from putting off estate plan changes.
Not every transfer of assets occurs during probate. Transfer on death (TOD) accounts may bypass probate. Just as a will may require changes, so might the beneficiary designations on a TOD account.
Further reasons for making changes to an estate plan
Texas residents may find themselves experiencing a windfall of new revenue or assets. A business could become far more successful, or the planner might receive a substantial inheritance. Tremendous increases in net worth often prompt changes to estate plans. Purchasing a home may move someone to revisit their plans since a home is a major asset to own.
An illness may force changes. Those confronted with troubles related to severe medical issues might revisit their estate plans.
If a problem arises with the person named to become the executor of the estate, naming a new executor could be necessary. Likewise, choosing the wrong person as executor can jeopardize an estate plan’s outcome.
Be aware that a last will and testament is not the only document in estate planning. New healthcare proxies and power of attorney forms may need to be written when situations change.