Lawyers in Rockwall and Wylie Assist with Will Revisions

Texas attorneys can adjust your estate plan when circumstances change

Life changes, and when it does, you might want to revise your estate plans accordingly. At Grob & Associates Law Firm PC in Rockwall and Wylie, we help testators across North Texas ensure that their will reflects their current wishes. Whether you’ve welcomed new family members, experienced a major financial change or simply have decided to update your beneficiaries, it’s important that make prompt revisions in case something unexpected happens. Our estate planning attorneys can guide you through the process of reviewing and amending your will to protect your legacy and loved ones.

The importance of updating your will

Completing a will is one of the most important things you can do to protect your loved ones. But over time, your assets, relationships and goals often evolve. A will that’s several years old might already be obsolete. Regular review of your testamentary documents can address the following issues:

• Significant changes in financial status
• Real estate or other recently acquired assets that require thoughtful disposition

• Potential replacement of your designated executor
• Inclusion of individuals who have joined your family due to birth or marriage

By updating your will, you minimize the likelihood of confusion, disputes or legal challenges after your passing.

Common life circumstances that prompt a will change

You should review your will promptly when a significant life event occurs. Common reasons to amend a will include:

• Family composition — After divorce or marriage, adjusting your will confirms that your assets will be distributed based on your updated relationship status. You might also make changes after the birth or adoption of children or grandchildren. Also, there are situations where bonds between family members fray and you choose to remove a potential heir. 
• Death of a beneficiary or executor —If someone named in your will passes away, you should clearly identify a substitute beneficiary.
• Significant financial changes — Acquiring or selling property, receiving an inheritance, or starting a business may justify estate plan revisions.
• Relocation — Moving to a new state can affect your will’s validity and tax implications.

Regardless of major events, it’s wise to review your estate plan (including your living will) with an attorney every three to five years.

Potential consequences of an outdated will

An outdated will can cause significant problems for your loved ones after your passing. Common issues include:

• Unintended heirs — Assets may go to people you no longer wish to include, such as former spouses.
• Omitted beneficiaries — New children, grandchildren or partners might be left out entirely.
• Impossible bequests — If you no longer own property you’ve designated as a gift, the intended heir might receive nothing.
• Executor issues — If your chosen executor is deceased, incapacitated or unwilling to serve, settlement of your estate could be delayed.

In the worst cases, an outdated will can result in partial intestacy. Then Texas law determines who receives the unaddressed property.

Key requirements when updating your will

Under Texas law, you can update your will in two ways:

• By adding a codicil — A codicil is a formal amendment that makes specific changes to your existing will without rewriting the entire document. 
• By creating a new will — If you need extensive changes, it’s best to revoke the old will and execute a new one.

Whichever method you choose, the updated will or codicil must meet state requirements. An attorney experienced in will drafting can ensure your revision is valid.

Averting future will contests with proper execution

A poorly drafted or improperly executed amendment can incite will disputes among actual and purported heirs. To reduce that risk, make sure that the following steps have been taken:

• The document is clearly written and leaves no room for ambiguity.
• Execution follows all formalities of Texas law.
• Your mental capacity and intent at the time of signing are beyond dispute.
• The new will clearly revokes prior wills.

These precautions reduce the risk of legal challenges and emotional hardship for your heirs.

Contact a knowledgeable North Texas attorney to amend your will

The estate planning attorneys of Grob & Associates Law Firm PC update wills for clients throughout North Texas. To schedule a consultation, please call 972-777-5701 or contact us online. Our offices are in Rockwall and Wylie.