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Estate planning important following major life events

Putting together a solid estate plan is essential. However, the Texas estate planning process does not end when all of the documents have been executed. It is important to periodically review an already-established estate plan to ensure it accurately reflects current circumstances.

In addition to double-checking the plan on a regular basis, such as at the beginning of each new year, it is important to revisit it when financial or personal situations change. One such situation is divorce. After a divorce has been finalized, it is important to revise an existing estate plan to ensure that it reflects one's intentions and goals.

It is also necessary to update an estate plan upon any remarriage. This is particularly important if both parties have children from prior relationships. Providing for children in blended families can be especially complicated. The plan should also be revisited once married couples welcome a new child into the family, including by adoption. 

People understandably do not want to think about death at the start of the New Year -- a time when many would rather face life with optimism. However, death can happen at any time, and it simply makes good sense to have a strong estate plan in place. It is important that one's estate plan is also up to date in light of today's constantly changing tax laws, which can have an impact on the plan. The right professional support from a probate and estate administration attorney in Texas can make all the difference in achieving well-thought-out estate planning that best reflects one's wishes and needs.

Source: Forbes, "6 Reasons To Revise Your Estate Plan As Soon As Possible", Mark Eghrari, Jan. 2, 2017

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