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Important estate planning step is reviewing one's estate plan

Completing and implementing an estate plan is just the first step when trying to plan for death or incapacitation in the future. The second important step of estate planning in Texas is to thoroughly review it. Conducting a review is wise about every five years.

In five years, many life changes can take place. For instance, a person may have gotten married, or perhaps he or she has gotten divorced. A couple might have also had a child, or maybe they have developed a closer relationship with a once-estranged daughter. Change is constant, and many changes in life happen outside of one's control. In addition, estate and tax laws change over time, which is why estate planning is a never-ending task.

One major indicator that an estate plan review is needed is if the value of one's estate has increased or decreased in a significant way. This might be due to winning a lottery or receiving a valuable inheritance, for example. A change in one's economic situation might also spark the need for an estate plan review, and likewise, a review might be in order if a person changes his or her employment or occupation.

Other reasons for updating an estate plan in Texas is if a closely held business interest experiences changes, for example, the liquidation or reorganization of a business. Major transactions, such as the leasing of assets, the sale of investments or the lending of money, may also be indicators of the need to revamp an estate plan. An applied understanding of the law may help people to complete well-thought-out estate planning and then keep their estate plans up to date and accurate so as to constantly reflect their best interests.

Source: wmur.com, "Money Matters: The 'final' estate-planning step", Marc Hebert, Aug. 11, 2016

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