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Is it time to update an existing estate plan?

Jun 11, 2022 | Estate Planning And Probate Law

Life is unpredictable, and it is possible that these changes can affect the application of certain types of legal and financial plans. As things may be different from the way they were at the creation of an estate plan, a Texas adult would be wise to carefully consider existing plans and think about what updates are necessary. Regular reviews of existing documents can help one avoid problems and complications for heirs and beneficiaries when it is time to settle the estate. 

Signs that a change is necessary  

The most common reason to update or change existing estate plans is because of major life changes. This includes divorce, remarriage, the birth of a child and more. Any of these could necessitate updates and important changes to estate plans. If one has plans that are more than a few years old, a checkup is important, even if it seems nothing has changed. 

A careful review of estate plans include seeking the input of both legal and financial professionals. Any significant change in finances could also dictate changes to the terms of existing documents. Changes in tax laws, alterations in family dynamics, changes in objectives and other personal reasons could be cause to update plans. 

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There is no way to predict what will happen in the future. However, a regularly updated estate plan can provide confidence regarding the security of one’s finances, personal assets and even health care preferences. An assessment of the specific estate plan can reveal what steps a Texas adult should take for the full amount of protection.