Life is unpredictable, and each year can bring significant changes to person’s life, financially, personally and professionally. Some of these changes are quite significant, and it’s important that person’s long-term planning documents reflect these changes. A Texas reader would be wise to review existing plans and make estate planning updates and changes as necessary.
One reason why a change in an estate plan may be necessary is when a person named in a will died since it was created or updated. Failure to remove people can result in litigation down the road. It may also be important to address new tax laws and how they may affect a person’s estate plan. Failure to adjust the terms as needed can lead to complications for beneficiaries and unexpected estate taxes.
The most significant estate planning mistake a person can make is failing to have a plan in place at all. Failing to update a will is a grave mistake, but not having a will almost guarantees that loved ones will have to walk through a complex legal process simply to settle a loved one’s estate. Every few years or as often as there are major life changes, it is prudent to review what’s in place and consider additional action.
Estate planning can be an emotional and complex process. A person may find it beneficial to speak with an experienced Texas attorney regarding his or her options and how to move forward with necessary additions or updates. With the right protections in place, a person can look to the future with confidence.