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Know when to revise estate plans

On Behalf of | Oct 24, 2019 | Estate Planning

Many Texas residents may think estate planning is something they only have to do once. However, there may be times when people should revisit their estate plan to see if it needs updating.

People’s circumstances may easily change over time. Forbes says that people may acquire more property or they may have sold an asset. Whenever the value of the estate changes, it is a good idea for people to make sure their estate plan is still relevant. People should typically remove any assets that are no longer part of the estate and include new assets. Additionally, people may want to look over these documents after they move. Each state usually has its own estate laws. If someone has just moved to Texas, it is important for him or her to make sure a will is valid according to Texas law.

Additionally, changing family circumstances are a good reason to revisit an estate plan. According to FindLaw, people should usually modify their will after they get married or divorced. People may also want to update their will after a child is born. Additionally, as time passes, some of the people named as beneficiaries may die. It is a good idea to go through an estate plan and make sure all of the assets will go to a living beneficiary.

When people make a will, they typically name an executor for the estate and a guardian for their children. Sometimes, though, the executor of the estate may die or someone may realize he or she is no longer on good terms with this person. Additionally, parents may decide to name a different person as the guardian of their children. When people change their minds about these important aspects of estate planning, it is important to make these changes valid in the will.

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