When To Update Your Estate Plan

On Behalf of Ezell Law Firm, LLC

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Sep 25, 2024

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Estate Planning

If you have created your estate plan, then you have done more than most people. The truth is that some two-thirds of Americans don’t have one.

However, that’s not the end of the story. A good estate plan reflects your current circumstances and wishes. It should not be out of date. How often should you update your estate plan?

Routine updates

There is no set number in terms of how often you should update your estate plan. However, the consensus is every two to three years. You don’t even need to change anything, but it’s important to have a look so that you know your documents are current.

Significant family changes

Much of your estate plan will probably be about looking after your loved ones after you pass away. You may be leaving assets to your children in your will. You may have set up a trust to ensure that your kids can go to college.

But what if your children have since had children? You now have grandchildren that are currently not in your estate plan. What if your child has told you that they won’t be attending college? You now have a trust that is not fit for purpose. Significant changes in the family should spark an update to your estate planning documents.

When you have relocated

Estate planning documents are generally state-specific. State laws can vary greatly, and you need an estate plan that reflects this. Any time you move to another state, it is worth taking the extra time to update your estate plan.

When updating your estate plan, it’s important to be armed with as much information as possible. You’ll find it beneficial to seek legal guidance.