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Review your estate plan if these 9 things happen

You made an estate plan. That's a great first step, and it is one that too few people take. Every year, many people pass away with no plan in place at all.

However, do not make the mistake of thinking that your estate plan never needs to get updated. You should not just create it and forget about it. When big life changes happen, it is likely time for a review. Even if you do not end up changing anything, you always want to check. Nine life events that may mean your plan has to get updated include:

  1. You get married for the first time. More and more people are doing this later in life.
  2. You get married for the second or third time. Your plan has to reflect this new relationship.
  3. You have a new child. If you have multiple children, review the plan with every birth.
  4. You and your spouse split up. When you get divorced, you may need to remove your spouse from the plan.
  5. You get sick or become disabled. It may be wise to consider end-of-life planning, for instance, or a medical power of attorney.
  6. A beneficiary passes away. You need to change your plan to allocate assets elsewhere.
  7. You move out of Texas. Make sure your plan holds up in your new home state.
  8. Your income and/or assets change significantly. Maybe you got an inheritance or saw large-scale career advancement.
  9. The estate planning laws change. While the basics may stay the same, laws do change often.

If you are not sure that your estate plan is properly up to date right now, make sure you know what steps you need to take.

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