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Is it time to update your estate plan?

On Behalf of | Jul 31, 2020 | Estate Planning

Texas residents like you build your estate up throughout your life. When you work on your estate plan, it reflects this care. But take care not to make the mistake of writing your estate plan and never updating it. Many people do not know that this is important. 

Your estate plan needs to reflect the reality of your life as it is in the moment. This is the best way to ensure you do not run into any issues with your asset transfers. But when should you update your plan? 

Updating your plan every 3-5 years

Forbes looks into the times when you should update your estate plan. First, experts suggest you look over your estate plan once every 3 to 5 years. It is hard to remember every life change you have gone through in even one year, let alone more. Reviewing your estate plan allows you to see things you may have forgotten about. You can then edit your plan so that it is more accurate to your current life. 

Editing for significant changes

Outside of that, you can edit your plan any time you see significant change in your life. Family and finances are among the top priorities. For example, if you file for bankruptcy your assets may end up liquidated. You will want your estate plan to reflect this. The same is true if you gain more assets through inheritance, business and so on. 

For family, you want to ensure that your loved ones get what you want them to have. Include new family members, such as children or spouses. You can edit out ex-spouses or anyone who has passed away before you, too. This will help cut down on legal complexities later. On a whole, keeping your estate plan updated will make the process smoother in the aftermath. 

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