When Should You Review Your Estate Plan?

If you have a comprehensive estate plan, you are one step ahead of many people. However, drafting and executing an estate plan is only the first step in protecting your future, your family, and your property. You need to periodically review your estate plan with your Texas estate-planning lawyer to ensure the plan still represents your wishes and desires.

Furthermore, changes in your life, your financial status, and various laws may require modifications of your estate plan. Failing to review your estate plan periodically may result in your loved ones facing situations after your death that you tried to avoid by drafting an estate plan. All your hard work in developing a comprehensive estate plan could go to waste if you do not invest the time necessary to review the plan periodically.

Common Life Events That Trigger a Review of Your Estate Plan

While it is impossible to anticipate every life event or change in circumstances that an individual may experience, some common life events should trigger an estate review in any situation.

Therefore, if you experience any of the following events in your life, you should contact your Texas Estate-Planning attorney to review your estate plan:

  • Marriage
  • Divorce or separation
  • The birth or adoption of a child
  • The death of a spouse, child, or another heir
  • Receive a large inheritance
  • Purchase a valuable asset or real estate
  • Experience a drastic change in income

If you have any doubt whether a change in your life triggers a review of your estate plan, you should err on the side of caution and call your Texas Estate-Planning attorney. It is best to take an hour or so to review your estate plan with your attorney to ensure your current plan accomplishes your goals and desires for your final affairs.

Documents to Include in Your Estate Review

It can be easy to forget some of the estate planning documents that you do not use very often when you are conducting a review. Estate planning documents and other documents you need to review periodically include:

  • Will
  • Trust Agreements
  • Beneficiary Designations
  • Powers of Attorney
  • Living Wills
  • Medical Directives
  • HIPAA Authorizations
  • Titles to real estate
  • Life insurance policies
  • Retirement Accounts

Your estate plan should be formulated in correlation with your retirement plan. Therefore, it is a good idea to review your retirement plan at the same time you review your estate plan. In addition to life events that may trigger a review of your estate plan, changes in the tax code, probate code, and other laws may also trigger an estate review.

A Texas Estate-Planning Attorney Can Help

It can be difficult to know whether you need to change your estate plan in some situations. A Texas Estate-Planning attorney reviews your current estate plan, discusses changes in tax laws or probate laws that might impact your estate plan, and changes in your life that might impact your goals and desires for your final estate. Contact the Law Office of Carey Thompson today to discuss your options with a Texas estate-planning lawyer. We can advise you as to whether you should modify your current estate plan.