Texas residents like you put time and effort into crafting your estate plan. You must include all aspects of life in it. After all, your estate plan is what others will use to handle your assets after your passing. This means that your estate plan must get updated with some consistency.
But how often should these updates happen? Are there any periods in time where updates are more welcome than others?
Keep your plan updated frequently
Forbes looks at key moments in life where you might benefit from updating your estate plan. These often include moments of change. But first, you should note that experts say you should update your plan every 3 to 5 years anyway. Regardless of life changes, this keeps your plan fresh. It gives you the chance to review information and make changes.
Outside of that, you should update any time you have a major life change. Changes to your finances or familial ties are chief among these changes. Why? Because your finances determine the assets you have. Meanwhile, familial ties determine who these assets will go to.
Financial changes that lead to estate plan updates
Some examples of financial change include falling into debt or coming into an inheritance. Whether the change is positive or negative, you must report it. As for familial changes, some of them can include:
- Marrying or remarrying
- Adopting a child or having one
- Discovering a family member has special needs and is financially dependent
Keep an eye on local and state laws, too. In particular, watch for changes to tax laws. This may also impact your estate plan. As long as you keep an eye out, you will be able to navigate your plan without issue.