Taking the time to create an estate plan is often a worthwhile action. Even a simple will can help surviving loved ones through the probate process and in handling other important tasks associated with the passing of a family member. However, Texas residents will certainly want to ensure that their documents do not hold any outdated information.
As part of a will, individuals can name beneficiaries to receive assets, an executor to handle probate and make other appointments. While naming these parties can make a will stronger, issues could arise if the information becomes outdated. For instance, if any of the appointed or designated people pass away or become incapacitated, new appointments may need to be made. Otherwise, an estate plan may not be as helpful as desired.
Additionally, individuals may also want to update their estate plans if they permanently move to a new state. Different state laws may apply to estate plans, and if a person does not consider these changes, complications could arise. If parties create documents in addition to a will, such as a power of attorney appointment, they will also need to ensure that their documents coincide with state-specific regulations.
Reviewing estate plans every so often, even ones that only include a simple will, could help avoid headaches for surviving loved ones. Updating plans may also allow Texas residents to feel better assured that their plans are in order and express their wishes correctly. If interested parties have concerns regarding their plans and the need for updates, they may wish to consult with knowledgeable attorneys.
Source: dedham.wickedlocal.com, “Five things that can derail your estate plan“, Maria C. Baler, April 15, 2018