6 Times You Should Review Your Estate Plan

Estate planning, an essential element of securing your family’s future, is too important to settle into “once done, forever valid” thinking. As life changes, so too should your estate plan. For residents of Fort Worth, TX, and the surrounding DFW area, maintaining an up-to-date estate plan ensures that your wishes are honored and your loved ones are protected under Texas law. This blog post highlights crucial moments that signal it is time to review and, if necessary, revise your estate plan.

1. Major Family Changes: Births, Deaths, Marriages, and Divorces

Any significant alteration in your family’s structure mandates a fresh look at your estate documents. Whether celebrating the joy of a new birth, marriage, or the somberness of a family member’s passing, or navigating the changes brought by divorce, updating your estate plan ensures your assets are distributed according to your current wishes. In Fort Worth, a city known for its strong sense of community and family values, it’s particularly important to consider how changes in your personal life impact your estate’s future handling.

2. Relocation: Moving to or From Texas

Estate laws vary significantly from state to state. If you’re moving to Fort Worth from out of state or leaving Texas for another part of the country, it’s imperative to review your estate plan with a local expert. This ensures your plan complies with the specific laws of your new home state, protecting you and your heirs from potential legal complications.

3. Business Ventures: The Sale or Purchase of a Business

For entrepreneurs in the rapidly growing Fort Worth economy, starting, buying, or selling a business is not just a commercial transaction—it’s a life event that affects your entire asset portfolio. Reviewing your estate plan in light of such changes ensures that your business’s succession plan aligns with your personal estate planning goals.

4. Financial Shifts and Retirement Plans

Significant changes in your financial situation, such as receiving a large inheritance, experiencing a windfall, or even retiring, should prompt an estate plan review. This ensures that your plan reflects your current financial status and preserves your legacy for future generations.

5. Tax and Legislation Updates

Stay alert to changes in both federal and state tax laws, as these can profoundly impact your estate plan’s effectiveness. Fort Worth residents, like all Americans, must navigate the complex interplay of federal estate taxes and potentially changing Texas laws. Regular reviews with a legal professional can prevent your estate from encountering unforeseen tax burdens.

6. The All-Important Three-Year Review

Even absent significant life events, it’s wise to review your estate plan every three years. This routine check-up with your estate planning attorney can uncover minor adjustments needed due to changes in your life circumstances or aspirations.

Conclusion

In Fort Worth, TX, where family and business ties run deep, keeping your estate plan aligned with your life’s ever-changing landscape is both a responsibility and a reassurance. It ensures that your wishes are respected and your loved ones are cared for, even in your absence. Whether you’re facing major life events or it’s simply been a while since your last review, now is the time to revisit your estate plan. At Law Office of Jason Brown, we understand the unique challenges and opportunities presented by life in Fort Worth and are here to guide you through updating your estate plan to reflect your current and future needs. Our experienced team is here to help you navigate these updates, providing peace of mind that your wishes will be honored. Call us at these numbers: (817) 405-7337 (Texas) or (480) 885-0536 (Arizona). You can also fill out our contact form to schedule an appointment.