Why You Want to Be Proactive with Your Estate Planning
You’ve worked hard to build your net worth, in part because you want a comfortable retirement, but also because you want your loved ones to be provided for in the event of your untimely demise. You’ve worked closely with an experienced attorney and put an estate plan in place that meets your needs. Are you done? No.
Life Often Brings Change—Your Estate Plan Need to Reflect That
There are few certainties in life, but one of them is change. Things seldom stay the same for any length of time, and change often comes when you least expect it. Many of the changes that come with ordinary living can have a significant impact on your estate plan. You may come into some unexpected wealth or a spouse or child may suddenly experience serious health issues. Let’s look at some of the many reasons why a periodic review of your estate plan is a smart idea.
There’s a Change in Your Marriage
If your spouse dies, becomes incapacitated or terminally ill, or if your marriage ends in divorce, you may need to immediately revise your estate planning. After a divorce, it’s critical that you clearly state that an ex is not entitled to a portion of your estate. At the same time, though, you may also need to address how your estate planning provides for the children of a prior marriage.
There’s a Problem with a Guardian You Have Named for Your Minor Children
If a person you have designated to care and make decisions for a minor child dies, becomes incapacitated or is no longer qualified to serve, you may need to revise your estate plan to name a replacement, unless you have already named a successor guardian in your existing will.
You Have a New Child
Whether the child is biological or adopted, you may want to specifically name them in your estate planning.
You Want to Disinherit an Heir for Any Reason
This may happen for a variety of reasons:
- The heir may have engaged in behavior that you found unacceptable
- You may have gifted property to the heir during your lifetime in lieu of including the heir in your estate plan
- You may determine that the heir does not need an inheritance from your estate and that you would rather leave the property to a charity or other heir
One of Your Heirs Predeceases You
If a child or other named heir dies, you will want to revisit your estate plan to determine how his or her share will now be distributed.
You Have Moved to a New State
The laws governing estates and probate differ from state to state. It’s a good idea, if you move from one state to another, to meet with an experienced estate planning attorney in your new location. Have a lawyer review your estate planning documents to ensure compliance with state laws, and make any necessary changes.
The Tax Laws Change
Congress periodically enacts changes to estate and gift tax laws. You should regularly meet with estate planning counsel to ensure that you are taking advantage of all appropriate tax breaks.
Contact the Experienced Estate Lawyers at Bailey & Galyen
At the law office of Bailey & Galyen, we offer comprehensive counsel to help people across Texas create and implement effective estate plans. We offer a free initial consultation to every client. To speak with a dedicated and knowledgeable wills and trusts attorney, contact us by e-mail or 844-402-2992 call our offices at one of the convenient locations listed below. We will take your call 24 hours a day, seven days a week.
