The estate planning process does not end after you draft and sign your will. Instead, estate planning should occur throughout your life. You should review and update your will periodically and after significant life events. Understanding when to update your will and how to make changes ensures you always have an estate plan that reflects your current concerns and objectives.
When Should You Update Your Will?
Individuals should review their will every few years at a minimum. However, significant life events should also motivate people to review and update their estate plan. Common examples of life events that may require you to update your will include:
- Marriage
- Divorce
- The birth or adoption of children or grandchildren
- Death of an executor or beneficiary named in your will
- Acquisition or sale of significant assets, such as starting and growing a successful business, buying or selling real estate, or coming into a large inheritance
- Moving to a different state, which may have different rules and restrictions for wills
You should also review your will when you learn of changes in estate or tax laws that may affect specific provisions of your will.
Legal Options for Updating a Will in Texas
When you decide to change your will, you have two means of doing so: writing a codicil or creating a new will. A codicil amends or adds one or more provisions of an existing will. You might use a codicil to update your will to select a new executor if the person you originally chose passes away, becomes incapacitated, or indicates they do not wish to serve as executor.
When you need to make significant changes to your will, consider executing a new will that incorporates all those changes. Writing a new will may make it easier to read and understand the document, rather than having one or more codicils that require parties to refer back and forth between multiple documents to understand the terms of your will. When creating a new will, you should include language that expressly revokes all previous wills you’ve executed. Otherwise, you might create confusion as to whether your old will remains in effect.
Requirements for a Valid Will in Texas
Texas law imposes various requirements for a valid will, including:
- The testator must be of sound mind when they create the will.
- The testator must be at least 18, currently or previously married, or a member of the U.S. Armed Forces or U.S. Maritime Service.
- The will must be in writing (either in physical or electronic form)
- The will must be signed by the testator or by another person on behalf of the testator in their presence and under their direction
- The will must be attested by two or more witnesses aged 14 or older who sign the will in the testator’s presence
Texas also recognizes the validity of holographic wills (a will written entirely in the testator’s handwriting), which do not require attestation by witnesses.
Practical Tips for Updating Your Will
Common best practices for updating wills include:
- Store the updated will in a secure location and advise the executor and beneficiaries of the location.
- Review and update other estate planning documents to prevent conflicting provisions.
- Consult an estate planning attorney for specific guidance on updating wills under Texas law.
Contact an Estate Planning Attorney Today
When you have a significant development in your life, such as getting married or having children, you should review and update your will and other estate planning documents. Contact Carroll Law Group, PLLC today for a free, no-obligation consultation with an estate planning lawyer to learn more about how to update your will when you experience significant life changes.