When to Update Your Estate Plan
Life changes—and your estate plan should change with it. Know the key triggers for reviewing your documents.
Estate planning is not a one-time event. Your plan should evolve as your life changes. Here are the key events that signal it is time to review and potentially update your estate plan.
Family Changes
- • Marriage or divorce
- • Birth or adoption of a child
- • Death of a spouse or beneficiary
- • Child reaches adulthood
- • Marriage or divorce of a child
- • Grandchildren are born
Financial Changes
- • Significant increase or decrease in assets
- • Inheritance or large gift received
- • Starting or selling a business
- • Retirement
- • Purchase of real estate
- • Major debt changes
People Changes
- • Executor can no longer serve
- • Trustee becomes unavailable
- • Guardian for children needs to change
- • Agent under power of attorney changes
- • Beneficiary circumstances change
- • Relationship with a beneficiary changes
Legal Changes
- • Moving to a new state
- • Tax law changes
- • Estate tax exemption changes
- • Healthcare directive laws change
- • Medicaid rules change
Regular Review Schedule
Even without major life changes, you should review your estate plan every 3-5 years. This ensures your plan still reflects your current wishes and takes advantage of any new planning opportunities.
How to Update Your Plan
Some changes can be made with simple amendments or codicils. Others may require completely new documents. Never cross out, write on, or make handwritten changes to your existing documents—this can invalidate them entirely. Always work with an attorney to make changes properly.
Time for a Review?
If any of these triggers apply to you, schedule a review with our estate planning attorneys to ensure your plan is current.
Schedule an Estate Plan Review