When Should You Update Your Estate Plan? (Life Changes Checklist)

An estate plan isn’t a one-and-done task—it’s a dynamic set of legal documents that should evolve with you. Life brings change, and with change comes the need to revisit your estate planning documents. Whether it’s marriage, a new home, or the birth of a child, updating your estate plan ensures your wishes are honored and your loved ones are protected.

At The Real Estate Law Firm, we help individuals and families stay proactive about their legal needs. Here’s a comprehensive guide on when and why you should update your estate plan, along with a handy checklist of major life events that should trigger a review.

Why Updating Your Estate Plan Is Essential

Your estate plan reflects your current life, assets, relationships, and wishes. Outdated documents can lead to confusion, legal challenges, or unintended outcomes. For instance, leaving an ex-spouse as your beneficiary or guardian may not reflect your current wishes. Changes in laws can also affect how your estate is handled.

The Real Estate Law Firm advises clients to review their estate plans every 3-5 years or after any major life change. Regular updates ensure your estate plan stays aligned with your goals and protects your legacy.

Life Changes That Should Trigger an Estate Plan Update

Here’s a detailed checklist of life events that should prompt you to revisit and possibly revise your estate planning documents:

1. Marriage or Divorce

One of the most significant life changes is marriage or divorce. When you marry, your spouse may need to be added as a beneficiary or given authority in documents like a power of attorney or health care proxy. In a divorce, you’ll likely want to remove your ex-spouse from these roles.

At The Real Estate Law Firm, we frequently assist clients in restructuring their estate plans after these transitions to reflect their current relationship status and protect their assets.

2. Birth or Adoption of a Child or Grandchild

Adding a new member to your family means reconsidering guardianship, trusts, and inheritance provisions. You may also want to set up education trusts or other financial structures to support your child’s future.

3. Death or Incapacity of a Beneficiary or Executor

If someone named in your will or trust—like a beneficiary, guardian, or executor—passes away or becomes incapacitated, you’ll need to name a new individual or institution to fill that role.

4. Significant Changes in Assets or Income

Buying a new home, starting a business, or inheriting money are all events that change your financial landscape. These can impact your tax situation and may require updates to your trust, will, or asset distribution plans.

The Real Estate Law Firm helps clients ensure their estate documents reflect all major property transactions, including real estate acquisitions and sales.

5. Relocation to a New State

Estate laws vary by state. If you move, your current documents may not comply with your new state’s legal requirements. This is especially critical for healthcare directives and powers of attorney.

Our legal team at The Real Estate Law Firm assists clients in ensuring compliance and clarity when they cross state lines.

6. Change in Tax Laws

Federal and state tax laws change regularly. A shift in estate or gift tax thresholds could significantly affect your planning strategies. An estate plan created under an old tax law may no longer be the most efficient.

7. Changes in Business Ownership

If you own a business and there’s a change in ownership, structure, or succession plans, your estate documents should reflect that. Buy-sell agreements, succession planning, and business continuity are all essential considerations.

8. Health Changes

If you or a family member receives a major medical diagnosis, you may want to update your healthcare proxy, living will, and power of attorney. These documents ensure your healthcare and financial decisions are carried out if you become incapacitated.

9. Children Reaching Adulthood

When children turn 18, they become legal adults. Your estate plan should shift focus from naming guardians to outlining how and when they should receive their inheritance. You may also wish to include provisions that protect young adults from making impulsive financial decisions.

10. Change in Charitable Goals

If your philanthropic goals evolve, your estate plan should as well. Whether you wish to add or remove charitable organizations, updating your documents ensures your legacy is aligned with your values.

11. You Haven’t Reviewed Your Plan in Over 5 Years

Even if no major life events have occurred, it’s wise to review your estate plan every 3-5 years. Laws change, family dynamics shift, and your goals may evolve.

At The Real Estate Law Firm, we offer estate plan reviews to ensure your documents remain legally sound and personally meaningful.

Documents You May Need to Update

Depending on your situation, you may need to revise:

• Last Will and Testament

• Revocable or Irrevocable Trusts

• Durable Power of Attorney

• Health Care Proxy or Advance Directive

• Beneficiary Designations (on retirement accounts, life insurance, etc.)

• Guardianship designations

• Business succession documents

  
  

Keeping these current is key to a well-functioning estate plan.

How The Real Estate Law Firm Can Help

Estate planning isn’t just about drafting documents—it’s about building peace of mind. At The Real Estate Law Firm, we take a proactive approach by working closely with clients to regularly review and revise their estate plans. Our team ensures your plan stays effective, compliant, and in tune with your life and values.

Whether you're experiencing a major life event or simply want to ensure your estate plan is up to date, our attorneys are ready to help you navigate the process with clarity and care.

FAQs

1. How often should I update my estate plan? 

You should review your estate plan every 3-5 years or immediately after any major life event.

2. What if I move to another state—do I need a new estate plan? 

Yes, because estate laws vary by state. Have your plan reviewed by a local attorney like those at The Real Estate Law Firm.

3. Do I need a lawyer to update my estate plan? 

While minor updates can sometimes be handled without one, major changes or state-specific legal issues should always involve an estate planning attorney.

4. What happens if I don’t update my estate plan? 

Your assets might not go where you intend, and loved ones may face legal and financial complications.

5. Can I change the executor of my will? 

Yes. This is a common update and can be done by amending your will.

6. Are beneficiary designations in my will enough? 

No. You must update beneficiaries directly on accounts like life insurance or retirement plans, as these override your will.

7. What documents should I review when updating my estate plan? 

Review your will, trusts, powers of attorney, healthcare directives, and all beneficiary designations.

8. What if my child turns 18—do I still need a guardian named? 

No, but you may need to consider adding them as a beneficiary or setting up a trust for them.

9. Do I need to update my plan if I buy a house? 

Yes. Real estate is a significant asset that should be reflected in your plan, especially for title and tax purposes.

10. How can The Real Estate Law Firm assist with estate plan updates? We offer comprehensive reviews, legal guidance, and document revisions to ensure your estate plan aligns with your current life, assets, and goals.