Update Your Estate Plan to Protect Your Loved Ones and Assets
We are Hannah Law, PC, a full-service Texas firm serving Friendswood, Galveston County, and beyond. We help clients in family law, wills, trusts, probate, and estate planning. We draft and update estate planning documents, prepare durable powers of attorney, and guide clients through probate court. We aim to deliver clear legal advice, strong representation, and peace of mind.
Life changes fast, and your estate plan should change with it. Marriage, divorce, new children, or a move to another state can all affect how your assets are managed and distributed under Texas law. Without regular updates, your documents may no longer reflect your wishes or meet current legal requirements.
Working with a Friendswood estate planning attorney helps ensure your estate plan stays current, protects your beneficiaries, and keeps your financial and medical decisions in trusted hands.
Why an Outdated Estate Plan Is Dangerous
An outdated estate plan can create serious legal and financial problems for your loved ones. Life events, tax laws, and family changes can quickly make your documents unreliable. Regularly update your estate plan to keep your wishes valid under Texas law.
Outdated Documents Cause Legal Conflicts
Old wills and trusts may include beneficiaries who have passed away or relationships that no longer exist. This can cause disputes in probate court and delay asset distribution. Texas Estates Code § 251.051 requires a valid will to be written, signed, and properly witnessed. Without updated documents, your estate could face challenges and unnecessary legal costs.
Changes in Assets and Finances
Your assets evolve over time. New property, business interests, or accounts may not be included in your current estate plan. When financial decisions are made without updating your documents, some assets might pass outside your will or trust. Updating ensures all property, accounts, and insurance policies are properly covered.
Tax Laws and Financial Implications
Tax laws change, and your plan must keep pace. Estate taxes, income taxes, and inheritance taxes can affect how much your beneficiaries receive. A Friendswood estate planning attorney can work with your tax professional or financial advisor to review the impact of new laws and ensure compliance with Texas tax rules.
Probate Delays and Increased Costs
If your estate plan does not reflect your current situation, the probate process may be longer and more expensive. Missing signatures, outdated executor names, or invalid provisions can stall the court’s approval. Keeping your important documents current helps your loved ones avoid these complications.
Risk to Minor Children and Dependents
Failing to update guardianship designations or trusts for minor children can leave decisions to the court. Naming new guardians or trustees ensures protection for your family. A Friendswood estate planning lawyer can help you review these designations and keep your estate plan aligned with Texas statutes.
Loss of Control Over Your Wishes
An old estate plan can no longer reflect your intentions. Laws, relationships, and finances change. If you do not update your estate plan, state laws may decide who inherits your assets and who makes your medical or financial decisions. Regular updates keep control in your hands, not the court’s.
Major Life Events That Trigger a Need to Update Your Estate Plan
Certain events in life can quickly make your estate plan outdated. Reviewing your estate planning documents after these moments keeps your wishes clear and legally valid in Texas.
Marriage or Divorce
Marriage changes how assets are owned and who has legal rights under Texas community property laws. Divorce can also affect who should serve as executor, trustee, or beneficiary. Update your estate plan to adjust beneficiary designations, remove an ex-spouse, and protect your financial interests.
Birth or Adoption of a Child
When a new child joins your family, your will and trust should include guardianship instructions and inheritance terms. Parents should name guardians, create or revise a revocable trust, and ensure minor children are protected. A Friendswood estate planning lawyer can confirm your plan meets Texas legal standards.
Death of a Beneficiary or Key Individual
If a beneficiary, executor, or trustee passes away, your estate plan must be revised. Update your estate plan to add alternate beneficiaries and new fiduciaries. This prevents confusion in probate court and ensures your estate continues to function as intended.
Major Change in Financial Situation
Selling a business, inheriting property, or receiving a large insurance payout can shift your financial landscape. When assets increase or decrease, update your estate plan to reflect your current holdings. A financial advisor or tax professional can help evaluate estate taxes and income taxes that may apply.
Moving to a New State
Relocating can make your current estate plan inconsistent with the new state’s laws. Each state has unique estate, probate, and tax rules. If you move away from Texas or return to Friendswood, review your documents to ensure compliance with state laws.
Health Decline or Disability
A sudden illness or disability changes how medical and financial decisions are made. Review your powers of attorney, advance directives, and trusts to make sure your chosen agents still represent your wishes. Keeping these documents current gives your loved ones the authority to act on your behalf.
Remarriage or Blended Family
A new marriage or blended family can change your distribution priorities. Update your estate plan to include stepchildren or adjust gifts to biological children. Review beneficiary designations to ensure fair treatment and compliance with Texas Estates Code requirements.
Changes in Tax Laws
Federal and state tax laws shift over time. Estate taxes, inheritance taxes, and income taxes can all affect your estate’s value. Regularly update your estate plan with the help of a Friendswood estate planning attorney and your tax professional to stay aligned with new regulations.
How to Approach the Update Process
Updating your estate plan requires careful review and coordination with legal and financial professionals. Taking a structured approach ensures your documents reflect your current life and comply with Texas law.
Review Your Current Estate Planning Documents
Start by gathering your important documents, including your will, revocable trust, powers of attorney, and medical directives. Confirm that each document still matches your financial situation and family structure. Check all beneficiary designations for accuracy and relevance.
Identify What Needs to Change
List the areas that require updates. These may include new beneficiaries, revised executor appointments, or adjustments to property ownership. Consider whether new accounts, insurance policies, or real estate in Galveston County or Friendswood should be added to your estate plan.
Consult Qualified Professionals
Work with a Friendswood estate planning attorney to confirm your plan meets Texas legal standards. Collaborate with a financial advisor and tax professional to address estate taxes, income taxes, and other financial implications. This team approach ensures your estate plan is both comprehensive and compliant.
Ensure Compliance with Texas Law
Make sure all documents meet Texas Estates Code requirements. Wills must be signed and witnessed under code. Trusts and amendments must follow the Texas Property Code. A Friendswood estate planning lawyer can confirm that your documents meet state laws and remain enforceable.
Execute the Updates Properly
Once you finalize the changes, sign all revised documents with the correct formalities. Update your bank, insurance, and retirement accounts with new beneficiary information. Ensure any transfer on death or payable on death designations match your estate plan.
Communicate and Store Securely
Inform your executor, trustees, and family members where to find your updated documents. Store copies in a secure but accessible location. Keeping both digital and physical versions ensures your loved ones can act quickly when needed.
Schedule Regular Reviews
Set reminders to review your estate plan every few years or after any major life event. Laws, assets, and family dynamics can change. Regular reviews with your Friendswood estate planning lawyer help preserve your wishes and protect your beneficiaries.
Contact an Experienced Friendswood Estate Planning Lawyer Today!
Your estate plan should reflect your life today, not yesterday. Our team at Hannah Law, PC is ready to help you review and update your estate plan so it meets Texas legal standards and protects what matters most.
Contact us at 281-262-1311 for a free case consultation today!
