An estate plan is not a static document. Your estate plan should change when you experience major life changes. Wills, trusts, powers of attorney, and beneficiary designations should all reflect your current preferences and financial circumstances. Working with an estate planning attorney in Houston can help ensure your documents stay accurate and legally enforceable.
Reviewing your estate plan regularly helps protect your loved ones and honor your wishes for how your property should be distributed after death.
Below are some of the most common reasons you should revisit and update your estate plan.
Birth or Adoption of a Child or Grandchild
The arrival of a new child or grandchild is one of the most important reasons to update your estate plan. You may want to name a guardian for minor children, establish trusts to manage inherited assets, or adjust how your property is distributed among beneficiaries. Without updates, new family members may be unintentionally left out.
Marriage or Divorce
Marriage and divorce significantly affect your estate plan. After getting married, you may want to include your spouse as a beneficiary or update property distribution plans. You may also want to include (or exclude) your spouse’s children from a previous marriage. After a divorce, it is critical to remove an ex-spouse from your estate planning documents to avoid unintended distributions and disputes.
Death of Someone Named in Your Plan
If a beneficiary or fiduciary agent passes away, your estate plan should be updated immediately. You will need to name new individuals to fill these roles and adjust asset distributions if necessary. An outdated plan that relies on deceased individuals can cause delays and require court intervention.
Significant Financial Changes
Major financial events such as buying a home, starting or selling a business, or receiving an inheritance should trigger an estate plan review. New assets may require updated ownership structures, trust planning, or tax strategies.
Moving to a New State
Estate planning laws vary by state. If you move to or from Texas, your existing documents may no longer comply fully with state requirements. Reviewing your plan with a Texas attorney ensures that your will, trusts, and powers of attorney remain legally valid and effective under Texas law.
Serious Illness or Disability
A serious medical diagnosis or disability often reveals the need for updated healthcare directives and financial decision-making authority. You may wish to revise your medical power of attorney or living will to reflect your preferences. Financial documents may also need adjustments.
Changes in Personal Relationships
Relationships evolve over time. Estrangement from family members or changes in long-standing friendships can affect who you wish to include in your estate. Updating your estate plan ensures it reflects your current relationships.
Updates in Texas or Federal Law
Tax laws and probate regulations change periodically. New legislation may affect estate tax thresholds, probate procedures, trust administration, or powers of attorney. Periodic legal reviews help ensure your plan takes advantage of current laws and avoids unintended complications.
Contact a Texas Estate Planning Lawyer for Help
As a general rule, you should review your Texas estate plan every few years or after major life events. Even small changes can prevent costly disputes and provide clarity during difficult times.
Consider working with a Texas estate planning attorney at Porter Law Firm to ensure your documents remain up to date and aligned with your goals. Contact us today to schedule a confidential consultation to learn more about your options.