Creating an estate plan is an important step toward protecting your assets and ensuring your wishes are carried out. However, an estate plan is not something that should be created once and forgotten. Life changes, laws evolve, and financial circumstances shift over time. Regularly reviewing your estate plan helps ensure it continues to reflect your goals and provides the protection your family needs.
When You Should Review Your Estate Plan
There are several key life events that should prompt a review of your estate planning documents. Failing to update your plan after these changes can lead to unintended consequences.
Marriage or Divorce
Marriage and divorce significantly impact estate planning. Marriage may require adding a spouse as a beneficiary or fiduciary, while divorce often necessitates removing a former spouse from wills, trusts, and beneficiary designations. Without updates, outdated documents may conflict with your current intentions.
Birth or Adoption of a Child
Welcoming a child into your family is one of the most important reasons to review your estate plan. This is the time to name guardians, provide financial support for children, and ensure assets are managed responsibly on their behalf.
Changes in Financial Circumstances
Purchasing property, starting a business, receiving an inheritance, or experiencing significant changes in income can affect how your estate should be structured. Reviewing your plan helps ensure assets are properly accounted for and distributed as intended.
Relocation to a New State
Estate planning laws vary by state. If you move, your existing documents may not fully comply with your new state’s legal requirements. A review ensures your plan remains valid and effective.
Health Changes or Aging
As individuals age or face changes in health, estate planning priorities often shift. This may include planning for incapacity, long-term care, or updating health care directives and powers of attorney.
Changes in the Law
Estate and tax laws are subject to change. A plan that was appropriate years ago may no longer provide the same benefits or protections. Regular reviews help ensure compliance with current laws and maximize available legal advantages.
Why Reviewing Your Estate Plan Matters
Failing to update an estate plan can create confusion, conflict, and unnecessary legal complications for loved ones. Outdated documents may result in assets being distributed incorrectly, fiduciaries who are no longer suitable, or court involvement that could have been avoided.
Reviewing your estate plan helps:
- Ensure your wishes are clearly documented
- Protect your family from disputes and uncertainty
- Address new goals or concerns
- Confirm beneficiaries and decision-makers are still appropriate
An updated plan provides clarity and peace of mind for both you and your loved ones.
How Often Should You Review Your Estate Plan
Even without major life changes, it is generally recommended to review your estate plan every three to five years. This ensures documents remain current and aligned with your objectives.
The Value of Professional Legal Guidance
Estate planning involves more than updating names and assets. Legal guidance ensures changes are properly executed, legally valid, and consistent across all documents. An experienced estate planning attorney can identify potential issues and recommend adjustments that protect your interests.
Working with an attorney provides confidence that your estate plan will function as intended—both now and in the future.