Here are some key reasons to review and update your will or trust:
Significant Life Events
Marriage or Divorce: Make sure your estate plan matches any changed marital status.
Birth or Adoption of a Child: New family members should be included as beneficiaries.
Change in Beneficiaries: If your beneficiaries have passed away or you've fallen out of favor with them, you may want to update your documents.
Changes in Financial Status: Substantial changes in your wealth or income can necessitate adjustments to your estate plan.
Legal Changes
Changes in Texas Law: The laws governing wills and trusts can evolve over time. Ensuring your estate plan complies with current legislation is crucial.
Changes in Tax Laws: Updates to tax laws can impact how your estate is distributed.
Personal Reasons
Changes in Your Values or Wishes: Your priorities and goals may shift over time.
Concerns about the Financial or Medical Agents: If you're no longer satisfied with your chosen executor, trustee, agent or guardian, you can and should appoint new individuals.
Other Considerations
Digital Assets: Your will or trust should address how your digital assets, such as online accounts and social media profiles, should be handled.
Estate Planning Documents: Consider reviewing other estate planning documents, such as powers of attorney and living wills, to ensure they align with your updated will or trust.
It's generally recommended to review your will every 2-4 years or after significant life changes. Even if you have a simple estate, it is important to have an estate plan in place. Mathew Jacob with the Jacob Law Firm is an experienced estate planning attorney who can help you to create a plan that meets your individual needs and goals. Contact us today to learn more!
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