When you start to iron out the details of your estate plan in Texas, one of the steps you will take is to designate who you would like listed as beneficiaries. However, making this selection is not the last time that you will need to work with the people you have chosen.
Your beneficiaries may appreciate knowing that you have listed them on your estate plan. Additionally, they may appreciate some general information about their role in your future and what they can expect upon your passing. ARGI reminds you that disclosing some information to the people you have listed as beneficiaries does not mean you have to provide all of the details. Keeping aspects of your plan personal is important to maintain confidentiality. Especially if you find the need to alter who you have listed as a beneficiary.
Another expert suggestion is that you regularly review your estate plan as a whole, but especially the people you have named as beneficiaries. Life circumstances including divorces, births and even marriages within your family tree may alter who you wish to have listed as a beneficiary for your assets in the future. Keeping your plan updated is critical to making sure that each clause remains intact and valid even as your life progresses and changes.
Establishing your estate plan before you have an immediate need for it is important to prevent stress in the future. Not having anything in place means that your assets will be turned over to the court to decide their outcome when you pass away. The information in this article is intended for educational purposes only and should not be taken as legal advice.