Many responsible individuals prepare and execute a valid Last Will and Testament.  Having completed the task, they quickly place the Will in a safe place and move on with more pressing things.  However, occasional review of the Will and thoughtful consideration of possible changes is very important and should not be overlooked.  Today's blog post will highlight some of the live events that should prompt a review of an estate plan.

Family changes

Most professionally prepared Wills contain a clause that extends benefits to any child born to or adopted by the Testator after the Will is executed.  If such language is contained in the prior Will,  and the Testator desires any after-born or adopted children to share the benefits of the estate equally with those born or adopted before the prior Will, it is not necessary to execute a new Will.  Likewise, most professionally prepared Wills have language that provides for "back-up" beneficiaries in the event the primary beneficiary dies before the Testator.  If the Testator divorces after execution of the prior Will, it is important to execute a new Will to avoid property being distributed to the ex-spouse. If the Testator remarries after execution of the prior Will, a new Will should definitely be executed to make provisions for the new spouse. 

Relationship changes

Occasionally, the nature of family relationships change.  Examples include estrangement from an adult child, development of a drug addiction or criminal behavior, reconciliation with an adult child, and development of a disability in a beneficiary that requires additional financial assistance.  Whenever any such change occurs, it should prompt the Testator to revisit the terms of the Wil.  

Change in size of estate

Over time, the Testator generally accummulates wealth.  When the Testator gets close to an estate value of $5.45 million, the Testator's estate is potentially subject to being a taxable estate.  A new Will and/or a Living Trust should be considered in order to avoid estate tax.  

Moving to another state

An estate is generally probated in the State in which the Testator resides at the time of death.  A Will usually can be probated in that State even if it was drafted in another State.  In some circumstances, however, the State of death has probate laws that differ so much from those of the State where the Will was prepared, that the Will may not be easily probated in the State of death.  Therefore, whenever a Testator moves to a new State, he should consult with a competent estate planning attorney in the new State to determine whether a new Will should be prepared.  

Careful estate planning gives individuals peace of mind and avoid problems for beneficiaries after death.  Christiansen Law Firm assists Texans with the complete estate planning process so that the stress and uncertainty are minimized.  The attorneys of Christiansen Law Firm will review all aspects of your estate and provide advice regarding the distribution of your estate after death.  For more information about the services we offer, contact the estate planning attorneys of Christiansen Law Firm in San Antonio or Houston, Texas.