When & How to Update Your Estate Plan After Major Life Events

Estate planning is not a “set it and forget it” task. While creating an estate plan is a powerful first step, keeping that plan current is just as important. Life changes—and when it does, your estate plan should change with it.

At Life Planning Team, we often meet clients who created a will or trust years ago and assumed it would always reflect their wishes. Unfortunately, outdated plans can lead to unintended consequences, unnecessary legal complications, and emotional stress for loved ones.

This guide explains when you should update your estate plan, why it matters, and how to do it properly, so your plan continues to protect what matters most—no matter how life evolves.

Why Updating Your Estate Plan Matters

An estate plan is a snapshot in time. It reflects your family structure, finances, and priorities as they existed when the documents were signed. But life rarely stays the same.

When an estate plan no longer aligns with your reality, several risks arise:

• Assets may go to the wrong people

• Guardianship decisions may no longer make sense

• Beneficiaries could face unnecessary probate delays

• Tax strategies may be outdated

• Loved ones may be left without clear guidance

Updating your plan ensures:

• Your wishes are honored

• Your family is protected

• Your assets are distributed efficiently

• Your legacy is preserved as you intend

How Often Should an Estate Plan Be Reviewed?

As a general rule, your estate plan should be reviewed:

• Every 3–5 years, even if nothing major has changed

• Immediately after a major life event

• When laws change at the state or federal level

• If your goals or priorities shift

Think of your estate plan like a living document—one that grows and adapts alongside you.

Major Life Events That Trigger an Estate Plan Update

Below are the most common life events that should prompt a review and update of your estate plan.

1. Marriage or Remarriage

Marriage is one of the most significant life changes—and one of the most common reasons estate plans need updating.

Why it matters:

• Beneficiary designations may still name parents or previous partners

• Property ownership may change

• State laws may override outdated documents

• In blended families, unintended disinheritance can occur

What to update:

• Wills and trusts

• Beneficiary designations

• Powers of attorney

• Healthcare directives

• Guardianship provisions (if children are involved)

For remarriages or blended families, careful planning is especially important to balance the needs of a spouse with children from a prior relationship.

2. Divorce or Separation

Divorce is emotionally and legally complex—and failing to update your estate plan afterward can have serious consequences.

Common risks:

• An ex-spouse may still be named as beneficiary

• An ex-spouse may retain decision-making authority

• State laws may not fully override outdated documents

What to review immediately:

• Will and trust provisions

• Powers of attorney

• Healthcare directives

• Beneficiary designations on retirement accounts and insurance

• Trustees and executors

Even if a divorce is ongoing, interim updates may be appropriate to ensure protection during the transition.

3. Birth or Adoption of a Child or Grandchild

Welcoming a child or grandchild is a joyful milestone—and a crucial planning trigger.

Key considerations:

• Naming legal guardians for minor children

• Establishing trusts to manage inheritances responsibly

• Ensuring assets are distributed equitably

• Planning for education and future needs

Without proper planning, courts—not parents—may decide guardianship. Updating your estate plan ensures your children are cared for by the people you trust most.

4. Death of a Loved One or Beneficiary

When someone named in your estate plan passes away, updates are essential.

Why this matters:

• Beneficiary distributions may fail

• Executor or trustee roles may need reassignment

• Asset distribution plans may need restructuring

Failing to update after a death can create confusion, delays, and unintended outcomes during estate administration.

5. Significant Changes in Financial Circumstances

A major shift in assets should always prompt a review.

Examples include:

• Purchasing or selling real estate

• Receiving an inheritance

• Selling a business

• Retirement

• Major investments or financial losses

As wealth changes, so do tax considerations, asset protection strategies, and distribution goals.

6. Starting, Buying, or Selling a Business

Business ownership adds complexity to estate planning.

Without proper planning:

• Business continuity may be disrupted

• Family members may be unprepared

• Ownership disputes can arise

• Business value may be lost

Updates may include:

• Business succession planning

• Buy-sell agreements

• Trust ownership structures

• Updated powers of attorney

Estate planning for business owners ensures the enterprise you built continues—or transitions—according to your wishes.

7. Health Changes or Incapacity Concerns

Medical diagnoses, aging, or increased care needs should prompt immediate planning updates.

Important documents to review:

• Healthcare directives

• Living wills

• Financial powers of attorney

• Long-term care planning strategies

Planning ahead protects your autonomy and relieves loved ones from making difficult decisions without guidance.

8. Relocation to a New State

Estate laws vary by state. Moving—even with existing documents—can create legal gaps.

Why updates are needed:

• State-specific requirements differ

• Probate rules change

• Tax implications may vary

• Healthcare directive validity may differ

A review ensures your plan remains enforceable and effective in your new state of residence.

9. Changes in Relationships or Personal Priorities

Sometimes the change isn’t legal or financial—it’s personal.

Examples:

• Estrangement from a family member

• Strengthened relationships with others

• Charitable interests

• New values or legacy goals

Your estate plan should reflect your current intentions, not outdated assumptions.

10. Changes in Estate or Tax Laws

Estate planning laws evolve. What worked years ago may no longer be optimal—or compliant.

Regular reviews ensure:

• Tax strategies remain effective

• Exemptions are properly leveraged

• New planning opportunities are considered

Working with professionals ensures your plan adapts to legal changes without unnecessary disruption.

How to Update Your Estate Plan Properly

Updating an estate plan is more than crossing out names or adding notes.

Best practices include:

• Reviewing all documents together (not in isolation)

• Coordinating beneficiary designations with trust provisions

• Ensuring powers of attorney remain appropriate

• Avoiding conflicting or partial updates

• Working with experienced estate planning professionals

Online templates or piecemeal changes often create inconsistencies that only surface during a crisis.

Common Mistakes to Avoid

• Assuming a will automatically updates everything

• Forgetting beneficiary designations override wills

• Failing to update powers of attorney

• Waiting too long after a life event

• Relying on outdated legal advice

Estate planning works best when it’s proactive—not reactive.

Peace of Mind Comes From Staying Current

An up-to-date estate plan:

• Reflects your current life

• Protects your loved ones

• Reduces conflict

• Preserves assets

• Honors your wishes

At Life Planning Team, we believe estate planning is not about fear—it’s about confidence, clarity, and care.

Take the Next Step

If it’s been several years since you reviewed your estate plan—or if you’ve experienced any major life changes—it may be time for a conversation.

Life Planning Team offers a complimentary, no-obligation consultation to help you:

• Review your current plan

• Identify gaps or outdated provisions

• Understand your options

• Create a clear path forward

Because life changes—and your plan should, too.