Experienced Attorneys.

Innovative Solutions.

Personal Service.

We tailor our strategies based on
the specific issues surrounding
your legal problem.
Photo of the legal professionals at Skelton Slusher Barnhill Watkins Wells PLLC
Group Photo Of all the Attorneys

When and why might your estate plan need a review and update?

On Behalf of | Oct 29, 2024 | Estate Planning |

Regularly updating your estate plan can ensure it reflects your current wishes and circumstances. Several life events and changes can necessitate an update to your estate plan.

Here is a brief guide to help you determine when and why you should revisit your estate plan.

Major life events

Significant changes, such as marriage, the birth or adoption of a child or the death of a loved one, should prompt an estate plan update. Making necessary changes helps ensure your loved ones – and no one else – receive your estate assets.

Changes in financial status

If you experience substantial financial changes, consider having your estate plan reviewed and updated accordingly. Examples of what to address include:

  • Experiencing asset increases or decreases
  • Receiving an inheritance
  • Selling a business
  • Encountering financial difficulties

An update helps to ensure your plan aligns with your needs and goals amid financial changes.

Changes in relationships

Relationships can evolve over the years, and it is important to reflect these changes in your estate plan. If you have a falling out with a beneficiary or get a divorce, make the necessary adjustments to avoid potential conflicts and help ensure your plan reflects your current wishes.

Changes in the law

Estate planning laws can also change, impacting issues like taxes, trusts and even probate. Stay informed about these changes and keep your plan updated to ensure it remains compliant and effective.

Even without significant life changes, it is wise to review your estate plan regularly to see that it is current and beneficial for you and your loved ones. Someone familiar with Texas estate planning can help with reviews, updates or creating a plan from the ground up.

FindLaw Network
Three East Texas Office Locations