When Is It a Good Idea to Conduct an Estate Plan Review?

 Posted on April 09,2024 in Estate Planning

When you draw up a will, it is like you are giving a wonderful gift to the people you will leave behind because you are taking the guesswork and uncertainty out of the equation. Your loved ones will know exactly what you want to be done with your assets and property even though you will not be there to tell them yourself. It eliminates any need for them to fight over who should get what.

However, even though having a will already sets you apart from about half the country according to a recent Gallup Poll, it does not mean that you are now set and do not need to think about this again. Like with everything in life, things can always change.

Maybe you want to leave everything you have to your children when you pass, but they were both minors living under your roof when you first wrote up your will, and now one is a single parent struggling to get by while the other is a successful CEO of a global company. Maybe a sister you were planning on leaving assets to has cut you out of her life. Maybe you have gotten married again since you wrote it. Maybe you have gotten involved with a charitable organization since you drew up your will and you would now like to leave it with something as well.

For whatever reason you may have, periodic reviews of your estate plan are a great idea. If you have questions about this, speak with a knowledgeable Flower Mound, TX estate planning attorney to find out more.

Life Changes and Estate Plans

When your life goes through major life events, it is a good opportunity to review your estate plan and amend it accordingly. Some examples of these events are:

• Marriage: Whether you are getting married for the first time or the fifth, marriage is a good time to review your estate plan. You will likely want to include your new spouse in your plan, and you might want to include new stepchildren. If your new spouse is not explicitly listed in your will, your estate will be divided according to Texas’s intestate succession laws.
• Divorce: If you drew up your will when you were married and now you are divorced, you may want to amend your will to reflect this.
• Birth: Whether you have a child, grandchild, or godchild, you might want to amend your will to include provisions for them.
• Death: If you originally wanted to leave things behind to someone who has subsequently died, you will likely want to amend your will to reflect this, giving what you were planning on bequeathing to them to another person or organization.
• Divorce: If you have divorced your spouse, you need to designate new beneficiaries for your retirement accounts, insurance, and will. 

Speak with a Flower Mound, TX Estate Planning Attorney

If you have a will, you can be proud of yourself for having thought ahead and being more prepared than about half the country. However, if some time has passed since you drafted it, you might consider reviewing it to see whether it is suitable for your current situation and if not, amending it. An experienced Denton County, TX estate planning lawyer can offer guidance. Call 972-724-3338 to contact our office at Colbert Law Group PLLC.