Estate planning is not something you create once and never touch again. Life changes quickly—families grow, financial situations evolve, and laws shift. Keeping your estate plan current is one of the best ways to protect your wishes and provide clarity for your loved ones.
Why Estate Plans Need Regular Reviews
An estate plan reflects your personal and financial circumstances at a specific point in time. As those circumstances change, the plan should change too. A common misconception is that once you sign your will, trust, or power of attorney, your estate is settled. But over time, outdated documents may no longer align with your current goals or family structure.
For example, if you’ve had children or grandchildren since creating your plan, you’ll want to update beneficiary designations and guardianship decisions. If you’ve sold or purchased property, your trust may need revisions to include or remove those assets. It’s often recommended to work with an estate planning lawyer when major life changes happen.
Life Events That Should Trigger An Update
Several life events signal that it’s time to revisit your estate plan. Marriage or divorce can significantly alter who should inherit your assets or make medical and financial decisions on your behalf. A guardianship attorney may recommend taking another look at your estate plan if you decide to adopt a child.
It’s also wise to review your plan after a death in the family, especially if the deceased was named as a beneficiary, executor, or trustee. Failing to update documents after major changes can create confusion and legal disputes during estate administration.
How Often To Review Your Documents
As a general guideline, it’s smart to review your estate plan every three to five years, even if no major changes have occurred. This regular check-in allows you to confirm that all documents are accurate and reflect your current wishes. It also helps catch any changes in state or federal laws that could affect your estate or tax planning strategies. However, if any major life event happens between reviews, don’t wait. Updating your plan promptly reduces the risk of leaving out important information or creating conflicts among beneficiaries later on.
Keeping Your Estate Plan Organized
When you update your plan, it’s helpful to keep copies in a safe, accessible place and share their location with someone you trust. Outdated or missing documents can cause unnecessary stress for family members. Reviewing your estate plan also gives you a chance to check that your power of attorney, healthcare directives, and financial instructions are all consistent with your current wishes.
Taking The Next Step
Reviewing and updating your estate plan doesn’t have to be complicated or time-consuming. Working with an experienced attorney can make the process more straightforward and help you stay compliant with current laws. If it’s been a few years since your last update—or if you’ve recently experienced a major life change—it may be time to take another look. Our friends at The J M Dickerson Law Firm understand the importance of regularly updating your estate plan. Call an experienced attorney today to get help!