Do you really need to update your estate plan after a major family change?
State: Texas
I am trying to understand something about estate planning after a family situation changes.
A relative had an estate plan prepared several years ago when their family situation was very different. Since then one of the people named in the documents is no longer someone they want involved, and another family member has become much more important in their day-to-day life.
The question came up about whether the old documents should simply be amended or whether it makes more sense to have the whole plan reviewed again.
What surprised me is how many things can change over several years without anyone thinking about the estate plan. Beneficiaries, people chosen to handle things, property, bank accounts and even family relationships can all be different.
For those familiar with estate planning in Texas, what kinds of life changes should normally trigger a full review rather than just changing one document?
I understand this is not legal advice and that an attorney would need to look at the actual situation. I'm mainly interested in hearing how others approach reviewing an older estate plan.