It is recommended that you review your estate plan with your estate planning attorney each three to five years. Laws change often, and it is important to ensure that your end-of-life documents remain legally valid. Additionally, you should review your estate plan, including your will any time a life-changing event occurs.

Which Life Events Warrant A Change In My Estate Plan?

Certain events throughout your life will change your outlook on what you would like to happen to your estate after your death. The most common life-changing events that require a review of your estate plan include:

Divorce, Marriage, or Remarriage

Relationships and family dynamics are ever-changing. Marrying, divorcing, or re-marrying calls for an immediate review of your estate plan. If you have recently married or re-married, you will want to change your estate plan to include your new spouse. If you have gotten re-married or divorced, you should change your estate plan to remove your former spouse.

Children and Stepchildren

Any time a new child enters your family, whether through birth or marriage, your estate plan should be updated. It is especially important to explain in your estate plan who will be the guardian of your minor children if you become deceased, and exactly how they will be cared for.

Beneficiaries

If you choose to change your beneficiaries or remove a beneficiary for any reason, you must make this change to all sections of your estate plan. Changing beneficiaries on your life insurance policy alone is not enough. You should ensure that the beneficiaries on all insurance policies match up with the ones named in your estate plan to avoid any confusion once you are gone and unable to explain your intentions. One way to be able to make changes to your entire estate plan by changing only one document is to use a revocable living trust. You can designate the beneficiary of your accounts and insurance policies to be the trust. If you change your mind about beneficiaries, you simply amend your trust without having to contact all of the separate entities.

Which Parts Of My Estate Plan Need To Be Updated?

It is important to realize that your will is not the only document to update routinely or upon life changes. Your entire estate plan needs to be reviewed and updated regularly. This includes your living will, your power of attorney, and much more. You must also consider retirement plans and life insurance policies whenever reviewing or updating your estate plan.

For more information on Updating Your Estate Plan In Texas, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (512) 288-3200 today.