Is your Texas will up to date?
A will is one of the most important pillars of the estate planning process. Done right, a will articulates how you wish to have your assets distributed when you die. And if you have minor children, you should name a guardian for them in your will.
But, creating a will is never a one-and-done process. Life is constantly changing, and from time to time, it helps to review and update your will to reflect these changes. If your will is outdated at the time of your demise, it might be contested and invalidated.
Here are three questions that should prompt you to update your estate plan.
Has your family situation changed?
Chances are your family situation has changed since you created your most recent will. Changes to your health or one of your beneficiary’s conditions, for instance, can prompt you to reconsider whether your will alone will provide adequate protection in the future. Besides health changes, the addition of family members (children and grandchildren) should prompt you to update your will.
Still on your family situation, there is no doubt that relationships change. If you have just divorced, it is important that you update your will and other estate planning documents to disinherit your ex.
Have your assets changed?
If you experience an increase or decrease in your assets, you need to update your will to reflect these changes. Likewise, if your assets have changed in value (an increase or decrease), then you should consider reevaluating and redistributing your assets in the will.
Have tax laws changed?
State and federal tax and estate planning laws are constantly changing. Keeping tabs on these changes and revising your will and other estate planning documents can be crucial to ensuring that the document is recognized and your wishes respected when you pass on.
A will is your mouthpiece when you are no longer around to speak for yourself. Find out how you can create and update your will to reflect your wishes.