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Do I need to update my will or trust?

If you are one of the many Texas residents who has already created a will or even a revocable trust, you may well feel that your estate planning work is done. Certainly you should feel good about having taken the time and effort to put these types of plans in place. However, you should not think that your work is completely done. There can be many situations and changes in life that make it important for you to make changes to your estate plan.

As Forbes explains, personal life changes such as marriages or divorces whether yours or your adult children's can be big reasons making you want to update a will. Most people, unless required by a divorce decree, do not want to keep a former spouse as a primary beneficiary for example. The birth of a new child or grandchild or the death of any person listed as a beneficiary or even as an executor or trustee also requires a will or trust revision.

Changes in your assets themselves are often the reasons for you to update your plans. You may sell or buy a home, purchase a vacation home, start a new business, sell a business or inherit assets from another person's estate. If these things are not captured in your estate plans, your ultimate wishes may not be able to be followed.

This information is not intended to provide legal advice but is instead meant to give Texas residents an overview of the different life situations that may necessitate an update to a will or a trust.

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