Is It Time to Update Your Estate Plan?

Life is constantly changing—and as your life evolves, your estate plan should keep up.

Whether you’re newly married, recently divorced, welcoming a new child, beginning retirement or grieving the loss of a loved one, major life events can have a significant impact on your estate planning needs. These milestones often shift your priorities and relationships, which is why it is important to make sure your estate documents reflect your current wishes and circumstances.

Beyond family changes, financial and geographical shifts also play a big role. Have you moved to a new state? Has your income or overall wealth changed substantially? These types of changes may affect the validity or effectiveness of your current plan. For instance, moving to a new state might mean adding a statutory power of attorney or updating your other documents.  A substantial change in your wealth may mean adding advanced provisions to your plan — like those related to generation-skipping transfer taxes.

Even if your situation seems unchanged, it’s wise to review your estate plan about every five years. Laws change, tax rules shift, and your personal goals might evolve. A quick check-in with your estate planning attorney can give you peace of mind and help ensure your current documents continue to serve you and your loved ones as intended.

Key Documents to Review

When reviewing your estate plan, consider looking at the following:

• Last Will and Testament – Does it still reflect your current wishes for asset distribution?
• Revocable Living Trust – Are your trustees, beneficiaries, and instructions up to date?
• Durable Power of Attorney – Are your chosen agent and successor agents still the best people for the job?
• Advanced Healthcare Directive (or Living Will) – Do your documents reflect your current medical wishes and designate the right decision-makers?
• Beneficiary Designations – Have you reviewed retirement accounts, life insurance policies, and payable-on-death (POD) accounts?

Take the Next Step

If it’s been a while since you last updated your estate plan—or if you’ve recently experienced a major life event—now is the perfect time to review your documents. Consult with a qualified estate planning attorney to ensure your plan continues to meet your needs.