A lot of people think about estate planning as a “one and done” process. They may form the impression that once they have a will drafted, they never have to think about it again.
Estate plans tend to reflect the needs of family members, and families rarely remain static. You don’t need to think about your estate plan every day, but it is certainly beneficial to check in once or twice per year. Think about these questions as you decide whether or not your estate plan has become outdated.
Are there new additions to your family?
The family dynamic is constantly changing. As your children grow up, their needs will change. They will become more independent financially, and may even start a family of their own. Being a grandparent could have long been one of your ambitions. You may want to leave something sentimental behind for them, or ensure that they have access to a college fund. All of this can be done through your estate plan.
Have you relocated?
Perhaps a new job has given you the opportunity to explore another state? This may be your permanent place of residence for the time being. It is important to remember that estate planning laws are specific to the state that you inhabit. Legal language can be nuanced, and even a minor difference in law between states can make your estate planning instruments completely invalid. If you have moved, you need to make sure that your estate planning measures reflect the laws of the place that you now call home.
Your estate plan needs to be up to date to remain relevant. In the grand scheme of things, this will not take up much of your time and your loved ones will reap the benefits. As you make plans for the future, make sure you gain a full understanding of your legal rights in Texas.