Estate Plan Update…Is It Time?

Estate Plans are not static. As your life and family change so must your Estate Plan. Not to mention changes in the law that require an Estate Plan Update. An update to your Estate Plan is much like updating your resume. Think back to the last time you were sending out your resume.


Your resume is a “snapshot” of your experience, skill set, and education which provides prospective employers insight into who you are and how you will perform. Imagine not updating that resume for 5, 10, or even 15 years. Would it accurately reflect who you are? Would it do what you want it to do? Likely not. Estate Plans are similar in that they need to be updated on a regular basis to reflect changes in your life so they can do what you want them to do.

Outdated Estate Plans - like outdated resumes - simply don’t work the way you expect them to.

Events That Could Require An Estate Plan Update

Think back for a moment - think of all the changes in your life. What’s changed since you signed your will, trust, and other estate planning documents? If something has changed that affects you, your trusted helpers, or your beneficiaries, your estate plan probably needs to reflect that change.

Here are examples of changes that are significant enough to warrant an estate plan review and, likely, updates:

  • Birth
  • Adoption
  • Marriage
  • Divorce or separation
  • Death
  • Addictions
  • Incapacity/disability
  • Health challenges
  • Financial status changes – good or bad
  • Tax law changes
  • Move to a new state
  • Family circumstances changes – good or bad
  • Business circumstances changes – good or bad

We have put together a checklist for you to use in determining whether you are in need of an Estate Plan Update. You can get  your copy by clicking Estate Plan Check-Up.

There is never a wrong time to think about an Estate Plan Update. Please contact us if you think Estate Plan might need updating and we will help you make that determination.

Photo: Family - Kat Grigg - CC BY 2.0

About the Author Donald Rolfe

Father, husband, entrepreneur, and owner of a trivia filled brain. I help families and individuals plan for the unexpected and end of life. Schedule a Complimentary Strategy Session to chat with me, get answers to your questions, and find out about your Estate Plan options.

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