Texas residents like you work hard on your estate. It thus makes sense to work hard on your estate plan, too. This ensures a seamless transfer of your assets and property to your beneficiaries after your death.
But to ensure this, you cannot just create an estate plan and leave it. You must constantly update your plan and ensure that the information in it is accurate to your life at the moment.
Changes in financial gain or loss
Forbes looks at reasons to update your estate plan, of which there are several. First, you want to update your plan when you go through financial changes. This can include gains or losses. For example, your plan needs updating if you file for bankruptcy. If you come into a large sum of money, you want to account for this in your plan, too.
Changes in your beneficiaries
Likewise, you need to keep on top of your beneficiaries, which may change with time. You may lose some due to personal conflicts or deaths. You may gain others through marriage, adoption and so on. Remove those who you do not want in your plan (or who can no longer participate), add those you do.
You should also note that you do not need to wait for a major life change to review your estate plan. In fact, many experts suggest reviewing your plan every three years. This allows you to refresh your memory about its contents. You may find that some things no longer suit your current state of life and you just forgot to make a change earlier.