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What to do when your estate plan loses its effectiveness

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What to do when your estate plan loses its effectiveness

| Jun 26, 2020 | estate planning |

If you have an estate plan in place, congratulations! You are concerned about protecting your assets and your loved ones. Many Houston, Texas, residents fail to realize the benefits of good estate planning, but you are not like them. You did what was necessary and then sat back to enjoy your life with fewer concerns.

Now that you have a plan in place, you probably think you are finished for the rest of your life. Unfortunately, your estate plan may lose its effectiveness over time. For a plan to continue meeting your needs, it requires a review from time to time, preferably under the guidance of an experienced attorney.

You may schedule a review for no reason other than to look for ineffective provisions or you can review the plan for specific reasons like the ones below.

  • You move to another state and need to make certain your plan complies with state law
  • You undergo a substantial change in the value of your entire estate
  • Your designated executors no longer meet your needs or are no longer able to act on your behalf
  • You get a divorce or get married and need to change your beneficiaries
  • You need to review and possibly update the beneficiary designations in your retirement accounts

Reviewing and updating your documents is an extremely important part of estate planning. Taking the right steps at the right time increases your peace of mind going forward and helps your loved ones cope with their loss after your death. An estate planning attorney fills an important role when you begin planning and anytime you need to make changes to your existing estate plan.