If you have drafted your estate plan with the help of an attorney, know that you are on the right track to ensuring your assets are protected long after you are gone. It is also important, however, to update your estate plan at various points in your life. When do you need to update your plan? And how do you go about making this happen? Today’s blog answers these questions, with the goal of helping you understand what your possible next steps might be in the estate planning process.
When to Update Your Estate Plan
As a general rule, we recommend updating your estate plan every three to five years. Additionally, though, we recommend updating the plan after any major life event. These life events could include (but are not limited to) the following: a marriage, a divorce, the birth of a child, the death of a beneficiary, the initiation of child support or alimony payments, or a change in your wealth. These are all events that could significantly impact the estate plan you have already drafted.
Too often, we encounter estate plans that were once relevant, before major changes occurred in a decedent’s life. When the decedent’s family is left to sort through his or her estate plan, they have to deal with the fact that even though the plan might no longer be relevant, it is still the authority on the assets the decedent left behind. It is best to avoid this unfortunate reality by making sure your estate plan is up to date with your current reality.
How to Update Your Estate Plan
The first thing you should do when you experience a major life event is speak with a Houston estate planning attorney that can identify how you might want to alter your estate plan to reflect your priorities. With that attorney, you should identify how your life change affects your long-term wishes. For example, do you want to now exclude an ex-spouse from your inheritance? Do you want to structure your plan differently, given a recent accumulation of wealth? An experienced estate planning attorney can help you figure out the right strategy to make your goals a reality.
Do You or a Loved One Need a Houston Estate Planning Attorney?
At McCulloch & Miller, our team of Houston estate planning attorneys knows exactly how to advise you on how to tailor your estate plan to your changing life. In our business, we have learned to expect the unexpected, and we recommend that your estate plan always reflect your current life circumstances. In order to make sure you are prepared, set up a consultation with our team today – we can assure you that you won’t regret it.
If you would like to set up a call with one of our Houston estate planning attorneys at McCulloch & Miller, give us a call at 713-936-9073. You can also fill out our online form to tell us about yourself and have a member of our team contact you as soon as possible. Our firm covers estate planning, probate, trust administration, special needs planning, elder law, public benefits planning, and more.