Life can change in an instant. When it does, it is time to update your estate plan. You should update an estate plan after any major life event and, ideally, at least once every few years. Failing to update documents can result in confusion, disputes, and unintended outcomes—such as an estranged relative inheriting your assets or the wrong person managing your estate.
At Massingill, we help Texans create and maintain estate plans consistent with their current needs and long-term goals. As a business and estate planning law firm, we serve individuals, families, and entrepreneurs throughout Texas. Whether starting a new chapter or preparing for the unexpected, our team is here to help you protect what matters most.
When Should I Update My Estate Plan?
When should I update my estate plan? The short answer is: any time your life circumstances change significantly. You should review your estate plan after:
- Birth or adoption of a child or grandchild;
- Marriage or divorce;
- Death of someone named to receive assets;
- Significant changes in your financial situation, such as buying a home or starting a business;
- Moving to a new state;
- Serious illness or disability;
- Changes in relationships, such as estrangement, reconciliation, or new partnerships; and
- Updates in federal or Texas probate-related law.
Reviewing your estate plan with a Texas attorney ensures your plan’s documents are legally valid and effective where you live.
1. Avoid Consequences Associated with Outdated Plans
Broadly, you should update your estate plan after every major life event because failing to update it can lead to serious consequences, such as:
- Your assets may be distributed incorrectly;
- People you no longer trust may gain control over your estate; and
- Your loved ones may face significant stress, legal costs, and delays.
Outdated estate plans can tie up assets in court, create public records of private affairs, and expose loved ones to additional legal expenses. By keeping your estate plan current, you give your family the gifts of clarity, security, and peace of mind.
2. Clearly Communicate Your Wishes
Your estate plan is your voice when you can no longer speak for yourself. If your documents are outdated, they may not reflect your current values, relationships, or priorities. For example, if your will still names an ex-spouse as your executor—the person responsible for carrying out your will and managing your estate after your death—that individual may no longer be the right choice.
3. Avoid Unintended Beneficiaries
Failing to keep estate planning documents up-to-date can lead to unintended beneficiaries—people or organizations you no longer wish to include—receiving your assets. For example, under Texas law, a divorce automatically revokes certain provisions in a will that favor a former spouse.
Yet, this automatic change does not apply to all assets, including:
- Life insurance policies,
- Retirement accounts, and
- Payable-on-death accounts.
To ensure your plan stays up-to-date, you must update these documents individually.
4. Protect Your Children and Dependents
After the birth or adoption of a child, update your plan to include them. If you do not, your child may be left out of your will or receive assets at too young an age without restrictions or financial guidance. Updating your plan allows you to create structures, like trusts, to safeguard a child’s future.
5. Account for Asset Changes
As your financial situation evolves, your estate plan should keep pace. If you acquire real estate, open new investment accounts, or start a business, add those assets to your plan. Otherwise, they may be distributed according to state law, leading to delays, increased legal costs, and even exposing your assets to unnecessary taxes or creditor claims.
6. Reflect Changes in Relationships and Priorities
Relationships evolve. You may become estranged from a family member you once included in your will or want to add a new spouse, partner, or close friend. Regular updates allow you to reflect these changes and ensure your plan continues to represent your current priorities.
7. Prevent Family Disputes
Outdated or unclear estate planning documents are one of the most common causes of family conflict after someone dies. Clear, updated instructions reduce the chance of court involvement and help preserve family harmony.
8. Prepare for Incapacity
Estate planning is about more than what happens after you die—it also includes planning for incapacity—becoming unable to make your own decisions due to illness, injury, or cognitive decline. If that happens, your power of attorney and medical directives dictate who can make decisions for you and what kind of care you want. If these documents name someone who is no longer available or trustworthy, you risk mistreatment and your loved ones having to go to court to protect you.
9. Adapt to Legal and Tax Changes
Estate planning laws and tax rules change over time. For example, the federal estate tax exemption—the amount you can pass on without paying federal estate taxes—has changed multiple times in recent years. Texas probate procedures and estate laws can also change, affecting how your estate is managed and distributed. If your plan includes outdated laws, it may not protect your assets or minimize taxes as effectively as possible.
Protect What Matters—Work with Massingill
If you have experienced a major life event or it has been several years since you last reviewed your estate plan, now is the time to act. Contact Massingill today to schedule a free consultation and ensure your plan is up to date, legally sound, and ready to protect the people and values you care about most. At Massingill, we understand that estate planning is not a one-time event but a lifelong process. We focus on building long-term relationships with our clients, offering flat-fee services, clear timelines, and a streamlined process that makes updating your plan easy.
Joshua Massingill
Joshua Massingill is an attorney practicing in Austin, Texas. He serves on the Texas State Bar’s Law Practice Management Committee, the Leander Educational Excellence Foundation (LEEF) Board of Directors, and the Success-Werx Board of Advisors. He mentors young entrepreneurs in Leander ISD’s INCubatorEDU program and is active in his church.
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