At Haugen Law Firm, P.C., we often tell clients that estate planning is not a one-and-done process. Just as your life changes, so should your will or estate plan. Failing to update your documents could lead to confusion, conflict, or unintended outcomes when it matters most. So how often should you review and revise your estate plan? Let’s break it down.
Major Life Events That Require an Update
As a general rule, you should revisit your estate plan any time there is a major life change. This includes:
1. Marriage or Divorce
Getting married or divorced can drastically change your intended beneficiaries, guardianship decisions, and who you want making financial or medical decisions on your behalf.
2. Birth or Adoption of a Child
Welcoming a child into your family means you’ll want to appoint a legal guardian, adjust inheritances, and ensure financial provisions are in place for their care and education.
3. Death of a Loved One or Beneficiary
If a person named in your will—such as a spouse, child, executor, or guardian—passes away, you’ll need to update your documents to reflect these changes.
4. Significant Change in Financial Status
Whether you’ve received an inheritance, started a business, or experienced a major loss, any substantial change in assets should prompt a review of your estate plan.
5. Relocation to Another State
Each state has unique laws governing wills, trusts, taxes, and powers of attorney. If you’ve moved to Texas or out of Texas, an attorney should review your documents to ensure compliance with local laws.
Routine Reviews: Every 3–5 Years
Even if none of the above events have occurred, it’s wise to review your estate plan every three to five years. Laws change, tax codes evolve, and what made sense five years ago might not be ideal today.
At Haugen Law Firm, we provide estate plan checkups to ensure your documents are:
- Legally valid under current Texas law
- Aligned with your current financial picture
- Reflective of your current relationships and wishes
What Should You Review in Your Estate Plan?
During an update, consider reviewing and possibly modifying the following:
- Your will or living trust
- Powers of attorney (medical and financial)
- Beneficiary designations on life insurance or retirement accounts
- Guardianship designations for minor children
- Executor or trustee appointments
- Asset distribution instructions
Why Timely Updates Matter
Failing to update your estate plan could lead to:
- Assets going to unintended beneficiaries
- Legal disputes among family members
- Delays in estate administration
- Additional tax burdens for your heirs
- Guardianship decisions made by the court, not you
How Haugen Law Firm, P.C. Can Help
Whether you need to draft your first will or revisit an outdated plan, we offer clear guidance and customized solutions for your unique life and legacy.
At Haugen Law Firm, P.C., we’re proud to serve families and individuals across Denton, Collin, Cooke, Dallas, and Tarrant Counties with trusted legal guidance in family law, criminal defense, and estate planning. If you have questions about your legal rights or need personalized support, our dedicated team is here to help. Contact us today!