Estate planning is crucial for anyone who has started to acquire assets, but it’s often something that people put off. Some studies suggest that over half of all Americans have yet to address their estate plan.
While it’s a good thing if you have taken steps regarding this issue, drafting an estate plan is not a one-time event. For the plan to truly meet your needs, it must remain current. Outlined below are some of the key reasons for updating your estate plan.
If you’re new to the state
You may have just moved to Texas and are excited to begin this new chapter of your life. It’s easy to overlook, but estate planning laws vary greatly from state to state. A will drafted in California, for example, may not hold up in Texas.
Thus, it’s best to update your estate plan any time you make a move. This will ensure not only that your estate plan reflects your current wishes, but that it adheres to the relevant laws.
Your expanding your family
Nothing excites you more than welcoming a new family member to the fold. Whether it’s your own child, a grandchild, niece or nephew, you may want to include them in your estate plan.
By drafting a new will or making changes, you can ensure that new family members receive an inheritance. You can also include provisions in your estate plan that mean your loved ones are always cared for whatever happens to you.
Your estate plan should be addressed on a routine basis, at least every year or two. However, big changes in your circumstances probably warrant adjustments. Seek legal guidance so that you can make the necessary modifications in line with Texas law.