Creating an estate plan is one of the most responsible steps you can take to secure your legacy, protect your loved ones, and ensure your wishes are honored. But creating a plan is only the first step – keeping it up to date is just as important as our Arlington, TX trust attorneys can attest who have been rated by Super Lawyers.
At Brandy Austin Law Firm, we frequently service clients with estate planning, whether that’s creating one, or updating an already existing estate plan to better reflect your current life situation. Unfortunately, outdated estate plans can lead to confusion, legal challenges, and unintended outcomes. Life doesn’t stand still, and neither should your plan.
Here’s why updating your estate plan after major life events is critical – and which events should prompt a review.
Why Updates Matter
An estate plan includes your personal, financial, and familial circumstances change, the decisions and instructions in your plan may no longer make sense – or may even be harmful. Updating your plan ensures:
- The right people are in charge of your affairs
- Your assets go where you intend them to go
- Your beneficiaries are current
- Your beneficiaries and financial wishes are clear
Major Life Events That Should Trigger An Update
1. Marriage Or Divorce
Getting married or divorced significantly impacts your legal and financial status. You’ll want to update your will, powers of attorney, and beneficiary designations to reflect your new relationship status and protect your interests.
2. Birth Or Adoption Of A Child
Adding a new member to your family is a joyous occasion – but it’s also a reason to update your plan. You’ll want to designate guardians, set up trusts if necessary, and ensure that your child is financially protected if something happens to you.
3. Death Of A Loved One Named Executor/Beneficiary
If someone named in your estate plan passes away, you’ll need to remove or replace them in your documents to avoid legal complications down the road.
4. Significant Changes In Assets Or Financial Situation
Whether you’ve received an inheritance, bought a house, sold a business, or experienced financial setbacks, these changes can affect how your assets should be distributed or managed.
5. Relocation To Another State
Estate planning law may vary by state. If you move to or from Texas, it’s smart to have an attorney review your documents to ensure they’re still valid and effective under local law.
6. Changes In Health Or Medical Condition
A new diagnosis or a decline in health may prompt changes to your medical power of attorney, living will, or preferences for long term care.
How Often Should You Review Your Plan?
Even if none of these events occur, a good rule of thumb is to review your estate plan every three to five years. Laws change, your priorities may shift, and staying proactive helps you avoid unnecessary complications.
Let Us Help Keep Your Plan Correct
At Brandy Austin Law Firm, we understand that life is unpredictable. Our estate planning team is here, not just to help you build your plan, but to walk with you as your life evolves. If it’s been a few years since you reviewed your estate plan – or if you’ve experienced any of the life events discussed above – reach out to us! Our attorneys who have received a 10.0 rating from Avvo will help ensure that your plan grows and adapts with you.
