Everyone should have a will on file. This critical document outlines the steps that you would like to have taken following your death, including the distribution of your property. Although they can be difficult to discuss, these decisions are important.
In many cases, the terms of your will change over time. It is important to revise this document each time you experience a major life event so that it is always up to date. By taking these steps, you can protect your family and ensure that the state of Texas will respect your last wishes.
Major Life Events That Could Impact a Will
You should always update your will after you experience any significant change in your life. Major life events may include the birth of a child, a change in your financial situation, or a major relocation.
A New Child Joins Your Family
If you give birth to or adopt a child, you should update your will to ensure that the child will be taken care of following your death. You want to ensure that your child is provided for and that you name a legal guardian who can take care of him or her.
You should also update your will if you want to provide for your grandchildren. Ensure that you update the terms of the document each time your family welcomes a new child.
You Move to a New State
Different states have different laws on wills and estate planning. If you relocate, you want to ensure that your will is still valid and will be recognized in the event of your death. Reviewing your will before you move can help you and your family avoid potential legal issues.
You Experience a Change in Your Health
Being diagnosed with a terminal illness or degenerative disease can be a difficult experience. When you experience a major change in your health, it is a smart idea to review the terms of your will as soon as possible. You may not have the capacity to change the will at a certain stage, and it is important to ensure that the will reflects your wishes.
You Obtain More Assets
During your life, you can experience many changes in your financial situation. You may buy a new piece of property, receive a large amount of money, or inherit assets from someone else. Whenever you obtain more assets, it is important to update your will to reflect your new financial situation.
You Want to Change a Beneficiary
Sometimes, our relationships with loved ones change. In these cases, you may want to change who will be receiving your assets following your death. It is important to review and update your will to ensure that its terms accurately reflect your relationships and final wishes.
For example, you may want to leave a larger amount of your assets to a grandchild with special needs. A sibling or child may pass away, and you may want to reassess the amount each beneficiary receives. In any situation, it is important to update your will as soon as possible.
Change a Will with the Help of a Texas Estate Planning Attorney
If you are creating a will in Texas, you need an attorney who can guide you through the process. A Texas estate planning lawyer can help you update your will and ensure that it meets the state’s legal requirements. Contact an attorney as soon as possible and start creating your estate plan.