Three Reasons You May Need To Update Your Estate Plan

 Posted on March 25, 2025 in Estate Planning

Estate plans are not set in stone. On average, major life events happen as often as every three years, and that can mean an estate planning revisit is in order. Everything from a change in relationship status to an increase in investments calls for reevaluation. An experienced Denton County, TX estate planning attorney will explain the nuances of Texas law that apply to your situation and help ensure your future and the futures of your family members are secure.

Changes in Your Relationships

Failing to update your beneficiaries after a change in marital status can cause significant complications later. For example, if you get married, you likely want to designate your new spouse as a beneficiary. Similarly, you may want to remove an ex-spouse from documentation following a divorce.

When a person dies without a will, Texas law typically distributes the estate to the surviving children or spouse. If you have a will with outdated beneficiaries, the wrong person may have the power to make medical decisions for you or may inherit assets you would prefer someone else receive.

Changes in Health Status

There are several elements commonly present in an estate plan that address health status. If you experience a change in your medical situation, you may need to update or include the following:

• Health care directive: You may need to change relevant instructions about your medical preferences that your representative will need to know if you cannot make decisions for yourself.

• Declaration of a living will: If a change in health status has you reconsidering life or death decisions that must be made on your behalf, you can change those at any point.

• HIPAA authorization: This document ensures your personal representative can access records related to your health that are protected under HIPAA.

In Texas, you can revoke a medical directive at any time by destroying the document, orally stating an intention to revoke it, or producing a signed and dated statement revoking it.

Updates to Your Financial Circumstances

Have you recently acquired any significant assets? Adding to your estate is a reason to add to your estate plan. The documented list of assets can be like a revolving door of change, consistently requiring reassessment of your wishes for each item’s distribution.

Maybe your financial obligations have changed. If you acquire more debt or liabilities, your estate plan should reflect those changes to ensure you have the funds to cover them. A professional can help you strategize to avoid leaving behind financial burdens.

Contact a Denton County, TX Estate Planning Attorney

Creating and maintaining an efficient estate plan requires careful consideration and a personalized approach. At Colbert Law Group PLLC, our Flower Mound, TX estate planning lawyer will walk you through major and minor life events that warrant another glance at your plan. The more you know, the more equipped you are to make decisions about your estate that benefit you and your family. Call 972-724-3338 to schedule a meeting today.