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Estate planning is not a one-time task. While creating a will or trust is an important first step, life rarely stays the same for long. Marriage, divorce, children, and financial changes can all alter your goals and your legal needs. In Texas, keeping your estate plan current is just as important as creating it initially. If documents aren’t updated after significant life events, the result can be confusion, disputes, or outcomes you never intended.
Why Updating an Estate Plan Matters
Your estate plan reflects your circumstances at the time you create it. As your life changes, those documents may no longer match your wishes or your family’s needs. Probate courts in Texas rely strictly on what your documents say, not on what you meant to do. If your will or trust is outdated, the court may enforce instructions that no longer apply to your current situation. By reviewing and updating your plan, you ensure that your loved ones are protected and your assets are managed in the way you want.
Life Events That Should Trigger an Update
Certain milestones and challenges in life are clear signals that it’s time to revisit your plan:
- Marriage or divorce–A change in marital status often affects who inherits property and who you trust to serve as executor or trustee. Texas has community property rules that can make this even more complex.
- Birth or adoption of children–Parents should update guardianship designations and financial provisions to provide for minors.
- Relocation–Moving to Texas from another state, or even moving between counties, can impact the probate process.
- Death of a beneficiary or executor–If someone named in your plan passes away, you’ll need to update distributions and responsibilities.
- Financial changes–Buying or selling a home, starting a business, or acquiring significant assets should prompt a review.
- Health concerns–A new diagnosis or a change in health may require updates to powers of attorney or healthcare directives.
Key Documents to Review and Revise
When you update your estate plan, several documents should be at the top of your list:
- Wills and trusts – These establish the framework for distributing your property. Ensure that beneficiaries, executors, and trustees are still accurate.
- Powers of attorney–Financial and medical powers of attorney should always name agents who are capable, trustworthy, and available.
- Healthcare directives–Instructions for medical care should reflect your current wishes and values.
- Beneficiary designations – Retirement accounts, life insurance policies, and certain bank accounts pass directly to the named beneficiaries. If these designations are outdated, your assets may bypass your will or trust entirely.
Risks of Leaving Documents Outdated
Neglecting to update an estate plan can have serious consequences:
- Property may go to unintended beneficiaries under Texas intestacy laws.
- Family disputes may arise from unclear or conflicting instructions.
- An executor or trustee may be unwilling or unable to serve, in which case the court may step in.
- Tax or financial planning opportunities may be lost if documents are not revised to reflect new laws or circumstances.
An outdated plan can undo years of careful preparation, resulting in outcomes that are very different from what you intended.
How Often Should Texans Review Their Estate Plans?
A good rule of thumb is to review your estate plan every three to five years. Even if nothing significant has changed, it’s wise to confirm that your documents are still legally sound and reflect your wishes. More importantly, review your plan immediately after any significant life event. A short review now can prevent major problems later.
Families in Dallas–Fort Worth often benefit from reviewing their estate plans with the help of an attorney who understands both Texas law and local probate practices. This guidance makes it easier to spot potential issues and ensure all documents work together seamlessly.
Keep Your Plan Current to Protect Your Family
Your estate plan is designed to protect your loved ones and provide you with peace of mind. But a plan that doesn’t reflect your current life can cause as many problems as it solves. By updating your documents after significant life events, you ensure that your wishes are honored and your family is cared for.
At the Law Office of Carey Thompson, PC, we assist Texans throughout the Dallas–Fort Worth area in updating their estate plans to ensure they remain accurate, effective, and enforceable. Contact us today to schedule a review with a seasoned estate planning attorney.