A will is one of those documents most Texans hope they will not need for a long time. However, you should not treat a will as a “one-and-done” task. Life changes quickly, and Texas families often change with it. You may have added a child to your household, remarried or experienced other major transitions. In addition, new laws may have taken effect since you last signed your will.
A will drafted years ago may no longer reflect the life you are living today. Periodic reviews and timely updates are essential to protecting your family, preserving your intentions and safeguarding your legacy.
Family and life events
A change in family structure represents one of the primary reasons to revise a will. Since you last revised your will, you may have welcomed a new child, entered into marriage or divorced a spouse.
In Texas, certain laws can influence how a court interprets your will after a divorce. For instance, a finalized divorce generally revokes provisions in a will that benefit an ex-spouse and relatives of the ex-spouse who are not related to you. However, relying on state law to “correct” an outdated will can be risky and may not address or revoke non-probate designations that matter to you. Reviewing your will helps confirm that it still aligns with your current relationships, priorities and values.
Keeping your documents current also helps ensure your assets pass to your intended beneficiaries. Regular reviews can reduce ambiguity and help prevent expensive, stressful disputes among surviving family members.
Changes in wealth and finances
Another significant development that may require a review of your will is a change in your wealth and assets. You may have acquired new property, launched a business or built up more savings since you signed your last will. If your will does not account for your new assets, it may cause conflicts and confusion among your heirs.
Here are a few examples of significant events affecting your estate:
- Selling properties listed in your will
- Inheriting new land or money
- Starting a new business (or gaining ownership of one)
Changes in your financial situation can have unintentional consequences. For example, if you sell or dispose of a specific asset named in your will, that specific gift fails under the Texas doctrine of ademption. It may leave intended beneficiaries with nothing unless your will is updated. Always revisit your will after the sale or purchase of major assets.
Evolving state and tax laws
Estate and tax laws can change at both the state and federal levels. A change in federal tax exemptions or revisions to Texas laws can mean your outdated will may not take advantage of the current tax systems, basic step-ups and processes.
A will prepared ten years ago may no longer accomplish what you intended. An outdated will may remain legally valid while failing to address your family’s current needs or the legal landscape.
The rule of thumb
To avoid costly legal complications, you should review your will every three to five years or immediately following a major life event. Regular reviews with a legal professional can ensure your wishes remain compliant with current legislation and that your loved ones remain protected. If the information in your current will no longer reflects your life circumstances, it is time to make the necessary updates.