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Residents in Texas like you have put time and effort into your estate plan. Unfortunately, this is not something you can do once and forget about. Your estate plan must reflect the current state of your life. 

In other words, you should update it throughout the years for as long as you are alive. But are there any specific times in which you should update it? 

The importance of reviewing your plan

Forbes looks at reasons you may want to update your estate plan. First, they note that you should review your plan every three years regardless of life circumstances. You may forget details in your estate plan that no longer apply to your life. Reviewing allows you to refresh your memory and fix any lingering mistakes. 

Updates after big life changes

Aside from that, you should review and update your estate plan for big life changes. First involve family changes. After all, many of your beneficiaries are likely family members. But your family structure will not always stay the same. You may divorce a spouse or lose a loved one. You may marry or have a child. Whatever the case, your estate plan should reflect your current beneficiaries. 

Financial changes also count. This goes for large losses or gains, such as bankruptcy or inheritance. After all, your executor will divide your assets among your beneficiaries. It is best that the assets mentioned in your estate plan accurately reflect what you really have. 

Finally, double-check the law if you move to another state. States handle estate plans differently. You want to ensure your estate plan holds up under the new laws and the courts will not invalidate it. 

Keep your plan updated frequently

Forbes looks at key moments in life where you might benefit from updating your estate plan. These often include moments of change. But first, you should note that experts say you should update your plan every 3 to 5 years anyway. Regardless of life changes, this keeps your plan fresh. It gives you the chance to review information and make changes.

Outside of that, you should update any time you have a major life change. Changes to your finances or familial ties are chief among these changes. Why? Because your finances determine the assets you have. Meanwhile, familial ties determine who these assets will go to.

Financial changes that lead to estate plan updates

Some examples of financial change include falling into debt or coming into an inheritance. Whether the change is positive or negative, you must report it. As for familial changes, some of them can include:

• Marrying or remarrying
• Divorcing
• Adopting a child or having one
• Discovering a family member has special needs and is financially dependent

Keep an eye on local and state laws, too. In particular, watch for changes to tax laws. This may also impact your estate plan. As long as you keep an eye out, you will be able to navigate your plan without issue.