When is the Best Time to Update My Estate Plan?

You’ve done the hard part and planned your estate with the help of our McAllen lawyers and it’s the first step in ensuring that your family and property are taken care of. But this doesn’t mean you should lock your documents away and forget about them.

After all, life can change in a heartbeat and those changes can often require having to update your estate plan. Not sure when to update? Fryer and Hansen has the answers you need!

When You Get Married

A new marriage means updating your estate plan. This is because your spouse won’t automatically become an heir to your estate. Updating your plan gives you the opportunity to detail exactly what you want your spouse to receive after your death. Keep in mind that estate planning becomes a bit more complicated if this isn’t your first marriage.

When You Become a Parent

As you can imagine, having children is a significant life-altering event, and it’s one that requires a second look at your estate plan. When you update your plan, you’ll need to make more decisions than simply allotting your estate to your child. For instance, you’ll need to choose a legal guardian for him/her in case of your passing.

Failing to do so means the decision being made by a court. Please note that, as your child gets older, he/she may no longer need a guardian or a trust, which means you’ll need to update your estate plan once more.

When You Grow Assets

If you own many assets, then you’ll be in the position of having to update your estate plan. Depending on what your new assets are, you’ll also need to create a plan that helps minimize your estate taxes. Remember, you may want to update your plan if you lose assets as well.

When You Get Divorced

Your spouse may have been named as a beneficiary or executor or have been given power of attorney in your estate plan. If so, this means it’ll need to be revised in the event of a divorce or your spouse’s passing.

Contact Our McAllen Estate Planning Lawyers!

Our estate planning lawyers are ready to help you create or update your estate plan. Contact us in McAllen today for more information.

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