The initial estate planning process might leave many inclined to postpone reviewing and updating of what becomes of his/her belongings after their passing. However, updating your will is just as important as having one drafted. An outdated will can cause difficulties for your family members when it comes to deciding what becomes of assets. Updating it can be a tedious and time-consuming effort, but it is rewarding nonetheless as an up-to-date estate plan will benefit you and your loved ones in the long run.
When to Take Action
Your estate planning wishes can be seriously impacted by major life changes. It is important to update your will to ensure that your wishes are carried out in case of major life events such as:
- Tax law changes
You can fix any errors, make adjustments for life changes, and guarantee that your wishes are known by revisiting and revising key parts of your estate plan with your attorney each year.
It isn’t a bad idea to review your estate plan annually to ensure it is kept up-to-date while having any errors quickly remedied. Beneficiary designations should be reviewed as well. For example, if you divorce and wish to remove an ex-spouse as a beneficiary of a life insurance policy or retirement account, replace them with another trusted individual. When making any important changes, do so with a reliable probate attorney at your side.
Let Us Help
In the event of an emergency, or if you have become incapacitated, your loved ones need access to updated estate plans and legal documents to help guide them in supporting your wishes. Also, your will is less likely to be contested if it is frequently updated. Our probate attorneys in McAllen can help you do this.
Our attorneys know that an updated will, as part of your complete estate plan, will ensure that your surviving family members receive the assets they are entitled to. Contact our firm today to get started.