Estate planning ensures that the wealth you have acquired over your lifetime will be distributed efficiently and in accordance with your wishes. Effective estate planning usually requires a combination of strategies tailored to your needs at the time of creation.
As your life changes, your estate plan should reflect your new circumstances and current laws. The attorneys at Romano & Sumner are here to assist you with updating an estate plan in Sugar Land.
Marriage and divorce impact the way your property is distributed when you die. If you marry after establishing your estate plan, your spouse will have a one-half interest in all community property that you own, even if you have a will that does not name the spouse as a beneficiary. If you divorce and do not change your estate plan, your spouse may still be a beneficiary on certain property, even if you would prefer to leave it to someone else.
You may also want to adjust your estate plan when your children marry or divorce. Many people want to ensure their children’s spouses cannot claim family wealth and property in the event of a divorce. Although Texas Family Code § 3.001 defines inherited property as separate, a court may consider commingled property to be divisible in a divorce. Careful estate planning can ensure that property that passes through your family is not diverted to a child’s former spouse.
If you or your spouse receives a difficult diagnosis, a review of your estate plan is critical. You may need to free up funds to cover treatment expenses or ensure your family can continue to live in your family home even without the ill spouse’s income. Our Sugar Land attorneys can work diligently to adjust your estate plan to meet your current needs and protect your family.
You should also adjust your estate plan if a loved one is vulnerable or has special needs. You can make provisions in your estate plan to care for an ailing parent or sibling, or provide funds for a disabled child or grandchild. Some of the steps you might take have specific implications to consider, so it is important to seek legal advice as soon as possible after a loved one’s needs become apparent.
You should review and adapt your estate plan when you experience significant changes in your wealth. Whether these changes are positive or negative, adjustments can address them in a way that protects and preserves your wealth to the greatest degree possible. Similarly, buying or selling a business, changing jobs, and retirement can all potentially impact the effectiveness of your estate plan.
Estate plans are written to maximize the advantages of various state laws. If you created an estate plan when you lived elsewhere and you have since relocated to Sugar Land, our attorneys can review your current estate plan and suggest changes that would be beneficial under Texas law. In contrast, if you are relocating out of state, we may refer you to colleagues in your new home who can review your plan to ensure it will meet your goals.
Changes in certain laws, Medicaid regulations, and similar government actions can have a big impact on the effectiveness of your estate plan. We keep up with all relevant developments and can ensure your plan is optimized to reflect current laws and regulations.
An effective estate plan adapts to changes in your life and the law. Often, small revisions can help ensure your plan continues to align with your goals. Speak with our attorneys about updating an estate plan in Sugar Land today.
Romano & Sumner, PLLC
