A question came to us recently from Allen, Texas from someone who’s not yet a member:
“Can Texas Legal help me revise my will?”
Great question. First, it’s great that you have a will. Over half of Americans don’t have a will, even though everyone needs one, no matter your life stage or how much money you have. Second, it’s great that you’re aware that wills need occasional TLC and updates to keep them useful and relevant.
When does a will need to be updated? First, it’s a good idea to review your will every year to look for changes that need to be made. After that, it’s good to sit down with a lawyer to look over your will every three to five years or sooner if you experience a major life change. What qualifies as a major life change? Here are a few important ones:
- Family or Relationships. If you got married, got a divorce, had a child or had a family member named in your will pass away, it’s a good time to update your will.
- Assets. If you’ve experienced a significant increase or decrease in assets or acquired or disposed of property, it’s important to reflect those changes in your will.
- Location. If you’ve moved to a new state, make sure your will is still valid and complies with the new state’s estate planning laws.
- Change of Mind or Heart. As we get older, what’s important to us changes. The decisions you made 5 or 10 years ago about your assets or your health care decisions might be different today than they were then. Make sure your current will matches your current state of mind.
With all the changes that life brings, it’s likely you’ll need to update your will several times throughout your life. Luckily, Texas Legal members have changes and updates to their estate planning completely covered as part of their membership. Each year, you have the opportunity to sit down with an attorney if you need to to add or update your estate planning documents. No worries about the expense or wondering if the DIY kit you got was used correctly. Just qualified legal help with a lawyer you trust.