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When was the last time you reviewed your estate plan?
Once you have completed estate planning documents, it is easy to move on and forget to come back to them for updates. Periodically, it is a wise to review your estate plan to ensure your documents reflect your current wishes. This is especially true if you have had a significant life event occur since your documents were created.
Some life events that may require an update to your will or trust include, but are not limited to:
- Getting married
- Divorce or death of a spouse
- The individuals you have named are deceased
- Additional children or grandchildren by birth or adoption
- Your children’s situation changes
- New state or federal laws
- You desire a change in guardians, personal representatives, executor or trustees
- A substantial increase or decrease in the value of your estate or assets
- Purchasing or refinancing a home
- Moving to another state
- New accounts
- Major health changes
- Changes to your business
The beginning of a new year is a great time to review your estate planning documents.
And, if you have not ever created your estate plan, there is no time like the present!
Julia Dean is the managing attorney at The Dean Law Firm, PLLC, a boutique law firm practicing in estate planning, probate, guardianships, elder law and civil appeals. Ms. Dean has been recognized as a Top Attorney and Leading Advisor by Acquisition International, Forbes, Newsweek, H Texas, Houstonia and Sugar Land Sun, and has earned Martindale-Hubbell’s Client Distinction Award. The Dean Law Firm is committed to bringing you peace of mind by providing thoughtful estate planning for your family.