We want to do everything we can to protect our loved ones, which is why it is never too early to start estate planning. However, if you made your arrangements at a young age, remember to review them periodically to ensure their terms are still applicable. Here are just a few scenarios that warrant a review of these documents. 

When Should I Review My Estate Planning Documents?

1. When There’s a Change in Your Net Worth 

If you buy a home, start a small business, or receive an inheritance, factor these assets into your estate plans. If you fail to do so, they will have to pass through probate upon your death. In other words, the court will divide it among any surviving beneficiaries, and there is no guarantee that they will do so in the same way you would have.  

2. When There’s a Change in Your Family Dynamic 

Getting married, getting divorced, and having children or grandchildren are just a few of the life transitions that call for a review of your estate planning documents since they may affect how you wish to distribute assets. Also, make sure to update these arrangements after any named beneficiaries pass. 

3. When There’s a Change in Your Living Situation

If you move to a different state, make sure to go over your will with a local attorney. Probate laws vary by region, which means some arrangements that are legally binding in one area may not necessarily apply in another. 

For strategic guidance when drafting or updating your will, turn to Ronald D. Zipp, Attorney at Law. Located in New Braunfels, TX, this seasoned lawyer and former judge has been in the legal field for more than four decades. In that time, he has gained extensive experience in a variety of practice areas, including family law and estate planning. To request an initial consultation, call (830) 629-5600 or reach out online.