Life is unpredictable, and it is impossible to know what will happen in the future. This is the primary reason why each Texas adult will benefit from a careful review of his or her estate plan from time to time. Decisions made at one point in life may not make sense later, and certain life changes necessitate an update to an existing estate plan. When making these changes, it is critical to approach them with the focus on what will make the most sense long term.
Common mistakes when updating a plan
There are certain mistakes that are common when updating an estate plan. Avoiding these missteps can prevent complications when it is time to settle the estate in the future. Some of the specific things one should avoid include:
- Updating a will without updating a trust or beneficiary designation
- Selecting the wrong individuals to act as agents in powers of attorney
- Failing to update an estate plan after moving to a new state
- Not having a list of important and valuable assets
Updating an estate plan allows one to match his or her long-term legal and financial strategy with current needs and future objectives. Most estate plans will need occasional adjustment.
Experienced estate planning guidance
It is helpful to work with a knowledgeable estate planning attorney when adjusting an existing plan. An assessment of the individual case will allow one to know what changes could be most important for the individual situation. Carefully adjusting plans as necessary allows one to have peace of mind regarding his or her future interests.