Many Texas residents who are retirement age likely finished their estate planning long ago. Those documents are probably sitting in a safe or locked box somewhere collecting dust. This could be problematic since some of the information contained in those documents may be outdated. Adult children may want to ask their parents if their estate plans are current and mention that perhaps they should be reviewed and/or updated by a lawyer if they haven’t been in several years.
Banks blackball old documents
Financial institutions don’t take kindly to being given outdated documents. An invalid will or papers that haven’t been kept up to date can pose a real problem when it comes time to administer the estate. Making sure everything is in order may save money and time in the long run as well as saving loved ones added grief. Banks and other financial institutions want to know everything is still valid in an estate plan, so having them updated while the estate owner is still living is vital.
Estate planning laws also evolve and changes in laws may mean plans need to be modified in keeping with those changes. When a retirement-related law, known as the Trust Act, came into being, many lawyers needed to change the language in trusts to reflect that law.
As you can see, there are a number of reasons an estate plan must be kept current. With estate planning laws changing, Texas residents should be vigilant in modifying their estate plans. If they don’t, it could leave their beneficiaries bearing the consequences. Bringing these plans into line with current laws and legal jargon is imperative, and reaching out for help and support from an experienced lawyer on these matters could prove invaluable.