Creating an estate plan is essential to securing your family’s future. But many simply make one, file it away and then forget all about it.
Remember, life brings constant changes—marriages, births, deaths, career shifts, new relationships and much more. Your estate plan should reflect these changes to protect yourself, your assets and your loved ones properly.
Life changes call for estate plan updates
Regular reviews ensure your plan continues protecting your family’s interests. Most people recommend reviewing your estate plan every three to five years. However, certain life events may warrant an immediate review. These include:
- Marriage, divorce, or remarriage: New spouses gain inheritance rights while ex-spouses should lose them
- New children in the family: You’ll need to name guardians and adjust inheritance shares
- Health changes: Your medical care preferences or long-term care needs might shift
- Financial changes: A new business, inheritance or property purchase affects what you can leave behind and whom to leave it to
- Moving states: Different state laws might impact how your plan works
Additionally, it’s not just major events in your life that may require revisiting your estate plan. For example, you will need to choose a new executor if they pass away before you or get involved in a felony.
Why an outdated plan puts your family at risk
Many people feel satisfied after creating their initial estate plan, but this confidence can backfire. An outdated plan might distribute assets to ex-spouses, exclude new family members or create tax complications.
These oversights could leave your loved ones dealing with lengthy court proceedings and unexpected outcomes. Moreover, it can lead to hurt feelings and may even drive your family apart.
Making updates protects your legacy
Your estate plan should grow and change alongside you. Regular reviews help ensure your wishes remain clear, legally sound and relevant to your family and financial situation.
Consider seeking advice from an experienced estate planning attorney. They can help identify when you need to update your estate plan and offer guidance so that your changes will protect your legacy and your loved ones.
