Texas residents should not expect to undergo initial estate planning and then forget about it. Several situations could indicate that you need to update your estate plan sooner rather than later.
When federal or state laws governing inheritance and taxes change, reviewing your estate plan is a must. What looked like a good idea a few short years ago can now present your heirs with circumstances that might prove expensive when your estate goes through probate.
Marriage, divorce or the birth of a child
Adding anyone to your family, whether that is a new spouse or child, means you need to make plans for their welfare after your death. It is high time to revisit your estate planning to add a guardian designation for the minor and include your new spouse.
Similarly, if you underwent a divorce, have a blended family, or took in a relative’s grandchild or other dependent, you may also need to make some updates. There are likely some individuals you no longer want to have any expectation of receiving anything after you die, and others need to become part of your planning.
Trustees are no longer able to fulfill their functions
It is possible to outlive the individuals you named as trustees in your estate plan. When this happens, do not wait to entrust someone else with the responsibility. Even if they did not die, there are times when you may have a falling out and no longer trust the individual with executing your will the way you intend. Once again, this is an excellent time to review your plan.
If you are not sure whether you should review your estate planning at this time, consider talking to an attorney for assistance. A legal professional may help ensure that your plan aligns with your current wishes and estate law.