How Often Should You Update Your Estate Plan? Key Triggers to Watch For

One of the most common estate planning mistakes isn't failing to create a plan — it's creating one and never looking at it again.

Estate plans are not set-it-and-forget-it documents. They're living arrangements that need to evolve as your life evolves. A will written when your children were young may be completely inadequate when they're adults with children of their own. A trust funded with assets you've since sold needs to be revised.

As a general rule, review your estate plan every three to five years even if nothing has changed. But certain life events should trigger an immediate review:

• Marriage or divorce. Both completely change your estate planning landscape — who inherits, who has authority, and what documents need to say.

• Birth or adoption of a child or grandchild. New family members may need to be added as beneficiaries or considered in trust distributions.

• Death of a named person in your plan. If your executor, trustee, guardian, or beneficiary dies, you need to name a replacement.

• Significant change in assets. A business sale, inheritance, or major market gain can change your estate tax exposure and your planning needs.

• Relocation to a new state. State laws vary significantly. Moving requires a review to ensure your documents comply with your new state's requirements.

• Change in tax law. Estate tax exemptions, gift tax rules, and retirement account rules all change over time. Legislative changes may require adjustments to your strategy.

• Health changes. A serious diagnosis may add urgency to your planning — or change how you want your healthcare directives structured.

The cost of updating an estate plan is far less than the cost — financial and emotional — of a plan that no longer reflects your life.

📌 When was the last time you reviewed your estate plan? If it's been more than three years, it's time. Contact us to schedule your review today.