Why Ongoing Maintenance Matters
Life changes—marriage, divorce, birth of a child, buying a new home, or new tax laws—can render your estate plan outdated. A valid plan is one that reflects your current family, assets, and wishes. We offer a proactive Maintenance Program to ensure your documents never “sit on a shelf” prematurely.
Common Triggers for a Review:
Marriage/Divorce: Update beneficiaries, Powers of Attorney, and Trust beneficiary designations to reflect new or former spouses.
Birth or Adoption of a Child/Grandchild: Revise Guardianship nominations, Trust distributions, and update life insurance beneficiaries.
Major Asset Change: Purchase or sale of real estate, acquiring a business interest, or significant changes in retirement accounts require retitling and beneficiary updates.
Tax Law Updates: Federal and Texas estate tax exemptions can shift. We keep you informed if new legislation affects your strategy (e.g., changes to the federal estate tax exemption).
Relocation to a New State: Each state has different probate rules. If you move, we review your documents to confirm they comply with local statutes.
Our Maintenance Program Includes:
Automated Reminders: Every 3 years (or sooner if you opt in), our system automatically emails you a “Life Event Checklist” to prompt a quick review.
Document Review Meeting: We schedule a 30-minute call (or office visit) to walk through any family or financial changes and recommend necessary updates.
Amendments & Restatements: Based on the review, we prepare any required amendments (e.g., Trust Amendment, Will Codicil, updated POAs) or, if significant changes exist, a full restatement at a reduced “review rate.”
Funding Verification: After amendments, we confirm that any new assets (e.g., newly-purchased home, new bank account) are properly titled or retitled as needed.
Why Maintenance Saves Time & Money:
Avoid costly re-drafting: Minor changes (new child, new property) often only require a short amendment instead of recreating everything from scratch.
Ensure seamless execution: When the time comes, your agents and trustees follow your most current instructions—preventing disputes.
Preserve tax benefits: If estate or gift tax exemptions change, a minor tweak can save thousands in tax liability.
Frequently Asked Questions (FAQs)
1. How often should I review my estate plan?
At a minimum, every 3–5 years—or sooner if you experience major life changes (marriage, divorce, birth/adoption, significant asset purchases or sales). Regular reviews ensure your documents stay up to date with your family’s circumstances, Texas law changes, and shifting asset values.
2. What life events trigger updating my estate plan?
You should review whenever you:
Marry or divorce (add or remove spouses as beneficiaries/agents).
Have or adopt a child or grandchild (update guardianship and trust distributions).
Purchase or sell major assets (homes, businesses, investment accounts).
Relocate to a new state (different probate rules may apply).
Experience the death of a beneficiary, executor, or trustee (name replacements).
Receive a large inheritance, start a new business, or see a significant change in net worth.
3. Who pays for updates or amendments?
At Leeds Law Firm, minor amendments (e.g., adding a beneficiary, updating an executor) are offered at a reduced flat rate. Major overhauls (full restatements) have a higher fee. Typically, you pay directly for these updates. In our Maintenance Program (if enrolled), many basic amendments are included at no extra charge.
4. Can I make simple changes myself, or do I always need my attorney?
Technically, you could draft a handwritten amendment (codicil) to your Will or a simple Trust amendment, but improper execution risks invalidating your documents. We strongly recommend working with an attorney to ensure:
Changes comply with Texas statutory formalities (witness/notary).
Funding instructions (retitling assets) are handled correctly.
No unintended estate-tax or probate traps are introduced.
5. How do I update beneficiaries on retirement accounts or life insurance?
For retirement and life insurance, you must complete the insurer’s or plan’s official beneficiary designation form. Your estate plan only names beneficiaries for assets controlled by your Will or Trust; it does not automatically change external account forms. As part of a review, we verify that those designations align with your overall plan and, if needed, guide you through filling out & submitting new forms.
6. What if Texas probate or tax laws change?
Texas frequently updates homestead exemptions, probate procedures, and federal estate-tax exemptions. In our Estate Plan Maintenance Program, we monitor relevant law changes (e.g., new estate-tax thresholds, trust registration rules) and notify you if updates are needed. If you’re not enrolled, schedule a quick review anytime you hear about new legislation to confirm your plan remains compliant and optimized.
7. Does moving to another state require a complete rewrite of my documents?
Often, your Texas-based Will and Trust remain valid elsewhere. However, some states have stricter witnessing requirements or different homestead protections. We recommend a “move review”:
Verify your Will satisfies the new state’s execution formalities.
Confirm trust language still avoids local probate.
Update any state-specific provisions (e.g., community property rules).
In most cases, minor tweaks suffice, but a full rewrite is rarely necessary unless that state’s laws diverge significantly.
8. How can I ensure new assets get added to my Trust?
Whenever you acquire a property or account, follow a funding checklist:
Real Estate: Record a new deed placing title in your Trust’s name.
Bank & Investment Accounts: Contact each institution to change the account owner or beneficiary to the Trust.
Business Interests: Execute assignment documents or update membership certificates into the Trust’s name.
Digital Assets & Vehicles: File any required transfer forms (e.g., vehicle title transfers, brokerage account changes).
If you’re enrolled in our Maintenance Program, we send periodic reminders and help coordinate these funding steps so no asset remains outside your Trust.