Maintaining your estate plan is a bit like maintaining a car: it occasionally requires effort, but if you remain diligent, you should be well taken care of. The good news is that if you already have an estate plan, you have put in a significant amount of time and work, and this will help you down the road. However, we always recommend keeping an eye out for indications that it might be time to review your estate plan. Today’s blog reviews three signs that you might need to update your plan.
Three to Five Years Have Gone By
The first, and easiest, indicator that you might need to update your estate plan is that the last time you changed your plan was between three and five years ago. As the legal landscape changes and your circumstances change, it is smart to call up your estate planning attorney and think about updating the plan. This should happen at least twice every decade.
You’ve Experienced a Change in Family Circumstances
The following changes could warrant an update to your estate plan: marriage, separation, divorce, a child support order, the birth or adoption of children, the death of a close family member, or the aging of your children. With any of these circumstances, you should update your estate plan to make sure it aligns with what your life looks like in its current state.
You’ve Come into Assets
A change in your financial status also warrants a change in your estate plan. If you purchase or sell a business or piece of real estate, you should update your plan as soon as possible. Similarly, if you receive an inheritance, significantly grow your savings, or purchase something like a valuable car, your estate plan should reflect this change.
One of the best reasons to keep your estate plan updated is that we never know what life has in store for us. Too often, we see individuals who have failed to update their plans, and when they unexpectedly get sick or die, their families are left to pick up the missing pieces. By reviewing your plan often, you can make sure to set up your loved ones for success down the road, no matter what the future holds.
Is McCulloch & Miller the Estate Planning Firm for You?
As you peruse your options for a Houston estate planning attorney, consider our legal team at McCulloch & Miller. We are experienced and thorough, and we offer a knowledgeable team of Houston estate planning attorneys to help you walk through the estate planning process. While estate planning can feel daunting, with the right attorney in place, it can become easy to navigate. At McCulloch & Miller, our representation is empathetic, holistic, and strategic, and we do everything in our power to make sure you have an estate plan that works well for you. 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.