Blog: Estate Planning Attorneys Explain When to Update Your Estate Plan

Estate Planning Attorneys Explain When to Update Your Estate Plan

If you already had a Dallas estate planning attorney put together a comprehensive

estate plan, you’re off to a solid start. In fact, you’re ahead of most Texans – studies

have shown that only one out of every three people have taken this step.

That said, an estate plan isn’t a set-it-and-forget-it type of venture. Whether yours

includes a last will and testament, advanced healthcare directives, a revocable living

trust, a durable power of attorney or a combination of these and other documents, you

should revisit your estate plan periodically to ensure that every part is still a good fit.

So, how often do you need to do that? According to experienced Dallas estate planning

attorneys, if you experience any of these major life events, you should consider

updating your estate plan.

New Marriage or Relationship

Did you recently get married or remarried? Or have you entered into a new common-law

marriage or domestic partnership?

If your relationship status has changed since you made your estate plan, you might

need to revoke or change certain documents – forgo this measure, and you won’t be

providing for and protecting your new spouse or partner. But with the help of a

seasoned Dallas estate planning attorney, you can ensure your wishes are honored

upon your death.

New Child or Grandchild

Did you have a baby or adopt a child since you crafted your estate plan? Has your

family recently welcomed a new grandchild?

In those situations, speaking with an experienced estate planning attorney is in your

best interests. You’ll want to make sure that your will, trusts and other documents are

designed with the next generations in mind. And the truth is, you may need expert

advice and legal assistance to make sure all of your biological and adopted offspring

are well-protected.

New Blended Family

Do you and your spouse or partner have natural or adopted children from previous

relationships?

If your will and trusts don’t specifically name your stepchildren as beneficiaries, you

should make a point of meeting with a Dallas estate planning lawyer very soon –

stepchildren aren’t usually included otherwise. Work with an experienced attorney, and

you can revise your estate plan documents to provide for and protect every member of

your blended family.

Filing for Divorce

Have you decided to separate from your spouse? Or have you already gotten a

divorce?

Either way, you don’t want to wait too long to update your estate plan. If you should

happen to become incapacitated before you have a chance to meet with a Dallas estate

planning attorney – or if you pass away without making changes to any of the

documents – your ex-spouse could benefit from the situation. To avoid that, contact a

qualified lawyer soon.

Death of Your Spouse

Did your husband, wife or partner pass away since the time you first worked with an

estate planning attorney?

As couples generally leave most or all of their assets to each other, you’ll likely need a

new will (and possibly a new living trust) with updated beneficiary designations. You

may also need to ask a Dallas estate planning lawyer to draft new health care directives

and new powers of attorney to name someone other than your spouse or partner to act

on your behalf.

New Estate Assets

Have you just purchased a new Dallas home? Or have you recently obtained other

valuable assets?

If you’ve acquired anything of real value in the recent past, you’ll want to make sure that

it’s accounted for in your estate plan. And if you call on a qualified estate planning

lawyer, you may even be able to take steps to keep your new assets out of probate,

saving your beneficiaries from having to go through the complex legal process when

you pass away.

Is It Time to Update Your Estate Plan?

The life events listed above aren’t the only indicators that it’s time to update your estate

plan. Relocating to a new state, acquiring significant debts, worries over serious

illnesses and changes to the financial situation of your named beneficiaries are just a

few other reasons you might need new documents.

And if you haven’t experienced any major life events? Experts recommend reviewing

your estate plan every three to five years. State and federal laws may be amended, and

it’s important to make sure that every document maximizes the benefits of any changes.

In northeast Texas and the Dallas-Fort Worth metroplex area, Schultz and Kellar is the

law firm people turn to for estate planning services. We’re ready to advise you on how

to update your estate plan – and our highly skilled and experienced estate planning

attorneys can make sure that all of your documents meet your current situation.

For more information on our legal team, or to schedule a free, no-obligation consultation

with a trusted Dallas estate planning attorney, contact our office today.