5 Signs It’s Time to Update Your Estate Plan
Life is full of changes, and your estate plan should evolve with you. Whether it’s a major life event or a shift in your financial situation, keeping your estate plan up to date ensures that your wishes are honored and your loved ones are protected. Here are five key signs it’s time to review and update your estate plan:
1. Marriage, Divorce, or Remarriage
Life events like getting married, ending a marriage, or blending families through remarriage often require adjustments to your estate plan. Without updates, your plan may not reflect your current relationships or intentions. For instance:
Ensure your spouse or ex-spouse is accounted for appropriately in your will or trust.
Update beneficiary designations on life insurance policies, retirement accounts, and other assets.
Review prenuptial or postnuptial agreements and how they impact your estate plan.
2. Birth or Adoption of a Child or Grandchild
Welcoming a new member to your family is a joyous occasion, and it’s also a critical time to revisit your estate plan. Consider:
Adding new beneficiaries to your will or trust.
Naming a legal guardian for minor children in case something happens to you.
Establishing a trust to provide financial support for your child or grandchild’s future needs, like education or medical expenses.
3. Significant Changes in Assets
Whether you’ve purchased a home, started a business, received an inheritance, or made significant investments, changes in your financial situation should prompt an estate plan update. Key considerations include:
Ensuring your will or trust reflects your new assets and how they should be distributed.
Reviewing tax implications and strategies to minimize estate taxes.
Updating property titles or business succession plans.
Buying property in another state.
4. Relocation to Another State
If you’ve moved to a new state, your estate plan may need to be revised to comply with local laws. For example:
State laws regarding wills, trusts, and probate can vary significantly.
Update powers of attorney and healthcare directives to align with state-specific requirements.
Ensure your marital property agreements reflect the rules of your new state.
5. Health Changes or a Family Member’s Disability
Health issues, whether yours or a loved one’s, can significantly impact your estate planning needs. Consider:
Incorporating provisions for your medical care, such as updating advance directives or healthcare powers of attorney.
Establishing a Special Needs Trust for a family member with a disability to ensure they receive financial support without jeopardizing government benefits.
Reviewing long-term care planning options, such as Medicaid planning or purchasing long-term care insurance.
Regular Reviews Are Key!
Even if none of these events apply to you, it’s wise to review your estate plan every 3-5 years to ensure it still aligns with your current wishes, financial situation, and family dynamics. Laws and regulations change over time, and a periodic review can help you avoid surprises down the road.
How We Can Help
At Bluegrass Elderlaw, we are experienced in helping individuals and families create and maintain estate plans that adapt to life’s changes. If you think it’s time for an update or just want to ensure everything is in order, we’re here to help. Contact us today to schedule a consultation and take the next step toward peace of mind.
These materials are for general informational purposes only. Consult an attorney for legal advice about estate planning. © 2025, Bluegrass Elderlaw, PLLC.