Life is always changing—and your estate plan should evolve right along with it. Here are the crucial moments when a review is essential:
#1-Marriage or Remarriage
- Update your will, beneficiary designations, and powers of attorney to include your spouse.
- If you’re entering a second marriage, make provisions for children from prior relationships.
#2-Divorce or Legal Separation
- Remove an ex-spouse from wills, trusts, insurance policies, and account beneficiary forms.
- Laws vary by state; in many places, divorce revokes spousal designations, but not always .
#3-Birth or Adoption of a Child/Grandchild
- Name guardians for minors and ensure they’re included in your will or trust.
- You may want to establish a trust to manage their inheritance until they reach a suitable age.
#4-Death or Incapacity of a Key Person
- Name guardians for minors and ensure they’re included in your will or trust.
- You may want to establish a trust to manage their inheritance until they reach a suitable age.
#5-Significant Financial Shifts
- Reflect major changes like inheritance, business sale, new debt, or real estate acquisition in your plan.
- These changes affect asset distribution, tax planning, and your chosen plan structures
#6-Buying or Selling Property (Especially Out-of-State)
Adding or disposing of real estate—especially across state lines—may require updates to avoid probate issues and comply with local laws.
#7-Moving to a New State or Country
Estate laws differ across jurisdictions: your will, power of attorney, and healthcare directives may need revision to remain valid.
#8-Health Considerations or Disability
Changes in health status—diagnoses, incapacitation, long-term care—should prompt updates to healthcare proxies, living wills, and financial powers of attorney .
#9-Tax or Legal Changes
New tax laws or legislative changes affecting estates should trigger a review to ensure tax efficiency and compliance.
#10-Retirement or Employment Changes
A career shift or retirement affects income, benefits, and risk profiles. Update beneficiary forms and reassess long-term strategy.
#11-Beneficiary or Fiduciary Role Changes
Any change in relationships or suitability—like estrangement or emotional distance—might require revising who receives what or who manages your estate.
#12-Periodic Reviews (“Time Passing”)
Even absent a major event, estate plans should be reviewed every 3–5 years to ensure alignment with current goals and laws.
Putting It All Together
Why This Matters
- Assets unintentionally going to the wrong people
- Probate delays
- Beneficiary disputes
- Greater tax burdens
What you should do
- Mark key milestones—marriage, kids, death, health changes, job changes
- Immediately update legal documents after life-altering events
- Schedule routine reviews every few years
- Work with an estate planning attorney and financial planner to ensure legal and financial efficiency
Maintaining a current estate plan safeguards your wishes, ensures protection for your loved ones, and keeps your legacy intact. Consider it a meaningful check-in on your life’s roadmap—one that provides clarity, reduces stress, and secures peace of mind.