Texas residents and others may believe that their estate plan accurately represents their final wishes. However, it is important to review an estate plan every so often to ensure that this is the case. During a review, it is a good idea to determine if a will is current. Wills that were written before the birth of a child, before divorce or before a death in the family may need to be updated.
This can help to ensure that all beneficiaries are accounted for or that those who are no longer a part of a person’s life do not receive assets. It is also important to make sure that the will is written in accordance with state law. Otherwise, it could be declared invalid, which means that a person’s assets might be distributed according to intestacy laws.
A will should contain guidance as to how assets will be divided if they are left to a group of people instead of a specific individual. For instance, the will could stipulate that unwanted items are to be donated to a specific charity. Those who have pets will want to make sure that cats, dogs or other companion animals are cared for after they pass on. Wills can also be used to leave instructions as to how children, elderly parents or others should be cared for.
The estate planning process is typically one that lasts for a person’s entire life. Individuals can review their estate plans on their own or with the help of an attorney. Legal counsel may help to ensure that a plan is written in accordance with state law. An attorney may also talk more about how much a plan document might cost to create and whether it is worth making use of.