As a Texas resident, you have spent valuable time and effort writing your estate plan. At the time you wrote it, you ensured it covered every necessity. You know that it met your needs. But what about now? Needs change along with your life on a whole. You should know when it is time to change your estate plan along with them.

Reasons to update your estate plan

Forbes lists out several reasons why you should update your estate plan. Many have to do with life changes. First, you should know that you do not have to wait for any specific time to update your estate plan. There is no requirement to update it every certain number of years. Some people update theirs whenever they feel the whim. Others choose a set schedule, such as every five to ten years. What you decide is up to you alone.

Life changes may render a plan obsolete

That said, some times are better for change than others. For example, have your family dynamics shifted lately? This includes divorcing an old spouse or marrying a new one. You likely do not want to leave an old spouse with any part of your estate. For a new spouse, you may want to ensure they do have a mention in your plan.

Finances may change as well. Have you come into an inheritance? Did you hit rough times and found yourself filing for bankruptcy? Make sure your estate plan reflects your current financial situation.

Additionally, check the local laws you based your estate plan on. These laws, especially tax laws, may change with time. You want to ensure your estate plan is up to date and legal.