Devising an estate plan allows Texas residents to address how their assets will be distributed after they die. Even someone with a small estate helps heirs by drawing up a will that provides these instructions. Other documents factor into estate planning, and they also may help loved ones in certain circumstances. Is time static, though? No, times and events may change. Therefore, anyone who draws up an estate plan should be ready to make changes when necessary.
The time comes to make changes
Significant life changes may prompt the change to a will. A new marriage or a recent divorce might necessitate a codicil or an entirely new will. The same decision to rewrite a will could come up when a child or grandchild is born.
A person’s financial circumstances might change and do so dramatically. An inheritance could leave someone with great wealth, and there are other ways net worth may increase. Would it not be helpful to make changes to a will when the estate encompasses more assets?
A failure to include people or specific assets in a will essentially leaves them out. What happens when a brokerage account, a home, or a grandchild receives no mention in the document? The decisions may come down to what the court decides, which might not be what the testator wanted.
Additional documents to consider
A power of attorney form designates someone to handle another person’s affairs. If the relationship between the two changes, perhaps choosing another attorney-in-fact may prove advisable.
Sadly, a person’s health could take a drastic turn for the worst without warning. Sudden accidents may occur, as well. Is there a health care proxy or a living will? If not, then crafting these documents may be past due.
Estate planning could become a perpetual work in progress. Ultimately, the estate plan should benefit all parties involved. A client might work closely with an attorney to make sure this goal proves possible.