Creating an estate plan is a big step—but it’s not always a “set it and forget it” kind of thing. Life changes, and your estate plan should change with it.
So, how often should you update it? A good rule of thumb is to review your documents every 3 to 5 years. But sometimes, life gives you a nudge to take another look a little sooner.
Here are the major life events that should prompt you to update your estate plan.
- You Got Married or Divorced
If your relationship status changes, your estate plan should reflect that. You may want to add (or remove) your spouse from your will, trust, or beneficiary designations.
- You Had a Baby (or Adopted a Child)
Welcoming a child is a huge reason to update your plan. You’ll want to name a guardian, plan for their financial needs, and make sure they’re included in your inheritance.
- Your Kids Are Grown Up
If your children are now adults, your plan may need to change. Maybe you want them to act as your health care agent or financial decision-maker.
- You Moved to a New State
Laws vary by state, especially when it comes to wills, probate, and taxes. If you’ve moved across state lines, it’s worth having your plan reviewed to make sure it still works.
- Someone You Named Has Passed Away or Is No Longer a Good Fit
If a person you listed in your documents (like a personal representative, guardian, or trustee) has passed away or no longer feels like the right choice, it’s time to revise.
- Your Assets Have Changed
Bought a house? Sold a business? Inherited money? If your finances look different than they did when you created your plan, an update may be in order.
- You Haven’t Looked at It in a While
Even if nothing major has changed, it’s a good idea to review your estate plan every few years. It helps ensure everything still reflects your wishes—and gives you peace of mind.
In short:
Your estate plan should grow with you. Anytime your life, relationships, or finances shift in a meaningful way, take it as a sign to dust off those documents and give them a quick check-up.
At DAL Law Firm, we make the process of creating an estate plan simple and approachable. If you’re not sure where to start, we’re here to help. Our telephone number is (206) 408-8158. You can also learn more about our services by visiting our YouTube channel https://www.youtube.com/@dallawfirm