An estate plan isn’t something you “set and forget.” Life changes—and your estate plan should change with it. Knowing when to update an estate plan is essential to keeping your wishes current and protecting your family’s future.
Major Life Events
Certain life events should trigger an immediate review of your estate plan. These moments often bring new responsibilities or changes in your financial picture, and your plan needs to reflect them.
You should update your estate plan if you experience:
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Marriage or divorce
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Birth or adoption of a child or grandchild
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Death of a spouse, family member, or named beneficiary
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A move to a different state
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A significant change in financial situation
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Retirement or sale of a business
Each of these events can affect how your assets are managed and distributed. Keeping your documents current ensures your plan still works for your life today.
Changes in Laws or Policies
Tax laws and estate planning regulations can change over time. What made sense five years ago may not offer the same protection or benefits today. It’s a good idea to review and update your estate plan every few years to ensure it still meets all legal requirements and maximizes any potential tax advantages.
Your Wishes Have Changed
As your life evolves, your priorities may shift. You may want to change who receives your assets, who serves as your executor, or who makes decisions on your behalf. If your intentions are no longer aligned with your existing documents, it’s time to update your estate plan.
When in Doubt, Review It
Even if nothing major has happened, it’s wise to review your plan every 3 to 5 years. A quick check-in can catch small things before they become big issues. If you’re unsure whether it’s time to update your estate plan, a trusted attorney can help you evaluate and decide.
Start Planning Today
Your estate plan is only effective if it reflects your current life. Don’t wait for a crisis—be proactive.
Contact Ozarks Legacy Law today to review or update your estate plan and give your family the peace of mind they deserve.
