When Life Changes, Your Estate Plan Should Too

Many people feel a sense of relief once their estate plan is signed, and understandably so. Putting a plan in place is an important accomplishment. But estate planning is not something that should be done once and then forgotten. Your estate plan works best when it continues to reflect your current life, your current wishes, and the people you trust to carry them out.

As a general rule, it is wise to review your estate plan every three to five years. Even if nothing dramatic has changed, time alone can be a reason to revisit your documents. Relationships evolve, financial circumstances shift, assets are bought or sold, and the people you originally nominated for important roles may no longer be the right fit. In addition, changes in the law may affect how certain provisions operate or whether updates would be beneficial.

There are also certain life events that should prompt a review much sooner. Marriage, divorce, the birth or adoption of a child, the birth of a grandchild, the death or incapacity of a family member, a significant increase or decrease in wealth, the purchase or sale of real property, retirement, or moving to a new state are all common reasons to update an estate plan. These events often affect who you want to benefit, who should be in charge, and what planning tools are most appropriate.

An estate plan should also be updated when your wishes change. For example, you may want to change who will act as trustee, executor, guardian for minor children, or agent under your financial or healthcare documents. You may also want to revise how assets are distributed, whether a beneficiary’s inheritance should be protected in trust, or how and when children or grandchildren should receive their share. What made sense several years ago may not be the best approach today.

Keeping your estate plan up to date can help avoid confusion, reduce the risk of disputes, and make administration easier for your loved ones. It also helps ensure that your documents continue to do what you intended them to do: protect your family, preserve your wishes, and provide clear guidance when it matters most.

If it has been several years since you signed your documents, or if your life has changed in a meaningful way, this may be the right time to review your estate plan.