Estate planning isn’t a one-time task. Life changes, often in unexpected ways, and so do our needs and priorities. Just as you might regularly check in on your financial health, reviewing your estate plan helps ensure it’s always in sync with your current goals. Whether it’s a new addition to your family, a shift in your assets, or simply the passage of time, making sure your plan reflects these changes is essential for peace of mind. A well-maintained estate plan protects your loved ones and preserves your wishes through life’s transitions.
When Should You Review Your Estate Plan?
Every 3-5 Years
Reviewing your estate plan every three to five years is a good rule of thumb. Even without major life changes, this periodic review helps ensure your documents reflect any updates in the law or shifts in your personal goals. Over time, your preferences for how assets are distributed or who will handle key roles, like executor or trustee, may evolve. This regular check-in provides a chance to adjust those details and keep your plan aligned with your current wishes.
After Major Life Events
Certain life events make it especially important to review and update your estate plan. When these moments happen, revisiting your documents ensures they reflect your new reality and priorities. Key events to consider include:
- Marriage, Divorce, or Remarriage – Changes in marital status can significantly impact how you want your assets distributed. A review ensures your wishes are honored, and your loved ones are protected.
- Birth or Adoption of a Child or Grandchild – Adding new members to the family often means new beneficiaries. Updating your plan allows you to provide for each loved one as intended.
- Significant Changes in Assets – If you’ve acquired or sold property, started a business, or inherited wealth, these changes can affect your plan. A review helps incorporate these assets and ensures they’re passed on as you prefer.
- Retirement and Moving to Another State – Retiring and relocating can impact your estate plan, especially if you move to a state with different laws regarding wills, trusts, or taxes. A review ensures your plan complies with local regulations and aligns with your new lifestyle.
If Your Health Changes
Health changes can affect how you want your medical and financial matters handled. Updating advance directives and powers of attorney during such times ensures the right people are authorized to make decisions on your behalf. A review at this stage keeps your plan responsive to your personal needs.
Why Updates Are Important: Keeping Your Wishes and Protections Current
Regularly updating your estate plan is vital to ensure it reflects your current wishes and continues to protect the people and assets that matter most to you. An outdated estate plan may no longer match your intentions or align with your evolving relationships and financial situation. Here’s why staying up-to-date matters:
- Protecting Loved Ones – Life changes can shift priorities, and your estate plan should reflect these adjustments. By updating beneficiary designations and other provisions, you make sure your loved ones are cared for as intended.
- Reflecting Changes in Relationships – Your relationships may change over time, impacting who you trust to take on key roles, such as executor or guardian. Removing or adjusting these roles as needed helps avoid potential conflicts and ensures your choices reflect your current situation.
- Adapting to Legal and Tax Changes – Tax laws and estate regulations change over time, and updates to your plan allow you to take advantage of any benefits or protections these changes offer. A timely review ensures your estate is structured to minimize tax burdens.
How We Can Help: Our Approach to Estate Plan Reviews
We understand that updating your estate plan can seem daunting, but our team at Surprenant & Beneski, P.C. can make the process smooth and straightforward. During a review, we work closely with you to identify any changes that may be needed, whether it’s updating beneficiaries, adjusting roles, or incorporating new assets. Our goal is to ensure that your plan accurately reflects your current wishes and provides the protections you desire for your family and future. We also stay informed about changes in estate law and tax regulations so we can advise you on any adjustments that may benefit your estate.
Contact Our Experienced Southeastern Massachusetts Estate Planning Attorneys
Regular estate plan reviews are a simple yet powerful way to ensure your wishes are respected, and your loved ones are protected. At Surprenant & Beneski, we’re here to help you keep your plan current and aligned with your goals. Reach out to us today to schedule your review—together, we’ll make sure your legacy is secure for years to come.
