Update Your Estate Plan: Times and Reasons to Refresh

Remember that old t-shirt from 40 years ago? The one that’s faded, stretched, and, let’s face it, probably doesn’t fit like it used to—if it fits at all. Just like your wardrobe, your estate plan needs a little updating now and then to stay relevant and effective. An estate plan, much like that vintage tee, can become outdated and ill-fitting over time. That’s why you need to revisit and update your estate planning documents to ensure they still reflect your wishes and comply with the latest laws.

Changes in Life Circumstances

Life is full of twists and turns, and your estate plan should reflect those changes. Major life events often require a review and update of your estate plan. Here are a few scenarios where you should consider making updates:

1. Marriage or Divorce: Getting married or divorced significantly alters your financial and familial situation. You need to update your estate plan to include or exclude a spouse as necessary.
2. Birth or Adoption of a Child: Adding a new member to your family means revisiting your estate plan to include guardianship designations and ensure your children receive financial protection.
3. Changes in Financial Status: Whether you’ve received a significant inheritance or experienced financial setbacks, these changes can impact your estate plan’s effectiveness.
4. Health Changes: A significant health diagnosis or the need for long-term care can alter how you want to manage your estate.
5. Death of a Beneficiary or Executor: The passing of someone named in your estate plan requires a review to reassign their roles and responsibilities.
6. Moving to a Different State: Estate planning laws vary by state. If you’ve relocated to Texas, it’s crucial to ensure your estate plan complies with Texas laws.

Changes in the Law

Just as life circumstances change, so do the laws governing estate planning. Staying up-to-date with these changes is crucial to ensure your documents remain valid and effective.

Texas Estates Code

One of the most significant legal changes occurred in 2014 when Texas eliminated the Texas Probate Code and replaced it with the Texas Estates Code. This new code streamlined and clarified many aspects of estate planning, probate, and guardianship. If your estate plan predates 2014, update it to ensure compliance with the current laws.

Power of Attorney Changes in 2017

Another key legal update happened in 2017, affecting power of attorney documents. The Texas legislature made significant changes, including introducing a statutory durable power of attorney form. The new form includes updated provisions that may not appear in older documents. If you created your power of attorney documents before 2017, they might not grant your agent the full range of powers available under the new law.

Why Update with Texan Wills and Trusts?

At Texan Wills and Trusts, we understand the complexities of life and the ever-changing landscape of estate planning laws. We dedicate ourselves to providing you with peace of mind, knowing that your estate plan fits your current needs.

Don’t let your estate plan become an ill-fitting relic of the past. Just as you’d refresh your wardrobe to stay stylish and comfortable, make sure your estate plan is up-to-date and relevant. Whether you’re dealing with life changes or just want to ensure compliance with the latest laws, we’re here to help.