Residents in Texas like you have put time and effort into your estate plan. Unfortunately, this is not something you can do once and forget about. Your estate plan must reflect the current state of your life.
In other words, you should update it throughout the years for as long as you are alive. But are there any specific times in which you should update it?
The importance of reviewing your plan
Forbes looks at reasons you may want to update your estate plan. First, they note that you should review your plan every three years regardless of life circumstances. You may forget details in your estate plan that no longer apply to your life. Reviewing allows you to refresh your memory and fix any lingering mistakes.
Updates after big life changes
Aside from that, you should review and update your estate plan for big life changes. First involve family changes. After all, many of your beneficiaries are likely family members. But your family structure will not always stay the same. You may divorce a spouse or lose a loved one. You may marry or have a child. Whatever the case, your estate plan should reflect your current beneficiaries.
Financial changes also count. This goes for large losses or gains, such as bankruptcy or inheritance. After all, your executor will divide your assets among your beneficiaries. It is best that the assets mentioned in your estate plan accurately reflect what you really have.
Finally, double-check the law if you move to another state. States handle estate plans differently. You want to ensure your estate plan holds up under the new laws and the courts will not invalidate it.