Drafting an estate plan is an important first step in every person’s estate planning journey, but the work does not end there. Importantly, your estate plan should be up to date as you navigate life’s twists and turns. Today, we answer a common question we receive from our client community: how do you know if your estate plan is up to date?
Updating Your Plan Every Three to Five Years
As a general rule of thumb, you should update your estate plan approximately every three to five years. If five years have passed since you last looked at your estate plan, this is a sign that your plan may not be current. At McCulloch & Miller, we recommend having an estate planning attorney review the plan during this timeframe to ensure the plan is up to date with any changes in the legal landscape. As laws around probate and estate planning change, so should the will or trust associated with your estate plan.
Updating Your Plan Along With Life Changes
Your plan might not be up to date if you have undergone a change in life circumstances. For example, have you gotten married, separated, or divorced? Have you had children, or have your children moved out of the house? Have you acquired new property or debts? Are you subject to a new court order, such as a child support or alimony order? If any of these apply to you, your estate plan should reflect your change in circumstances.
Accounting for Changes in Health
Lastly, your plan should account for any changes in your physical health. Do you have power of attorney documents in your estate plan? Do you have instructions for end-of-life care? Have you considered how you would like your family to proceed if doctors have the option of resuscitating you in an emergency? Individuals’ thoughts on these kinds of decisions can change over time. It is important to keep your estate plan current, given both your changes in perspective and your own aging process. If you have questions about best practices in this area, a Houston estate planning attorney can help you figure out what options are right for you.
Call a Houston Estate Planning Attorney You Can Trust
Your estate plan should not only be current, it should also be thoughtfully written with the help of experts in the field. In order to keep your plan both current and above board, call our office at McCulloch & Miller. We are a team of Houston estate planning attorneys with decades of experience serving our community. We offer our clients peace of mind during what can be a difficult process, and we are proud to offer client-centered and holistic legal services for each and every one of our clients.
At McCulloch & Miller, we cover estate planning, elder law issues, trusts, public benefits planning, special needs planning, and the probate process. For a consultation with a Houston estate planning attorney from our firm, give us a call today at 713-903-7879. You can also fill out our online form with your contact information to have an attorney get back in touch with you as soon as possible.