Estate Planning Isn’t a One-and-Done Task
Creating your estate plan is a smart move—but it’s only the beginning. Life doesn’t stay the same, and your estate plan shouldn’t either. As your family, finances, and goals evolve, your documents need to reflect those changes.
Too many people create a will or trust, store it away, and never look at it again. Years later, it’s outdated, inaccurate, or no longer aligned with what they want. That’s when problems happen—and that’s why regular updates are key to keeping your plan effective.
When Should You Review Your Estate Plan?
We recommend reviewing your estate plan every 3 to 5 years—or sooner if a major life event occurs. Here are the most common triggers that should prompt a review:
1. Marriage or Divorce
Getting married or divorced significantly impacts your estate plan. You may want to:
- Add or remove your spouse as a beneficiary
- Change your power of attorney or healthcare agent
- Update guardianship or inheritance plans for children
Failing to make these changes can lead to serious legal complications or unintended outcomes.
2. Birth or Adoption of a Child
When you welcome a new child into your family, you need to:
- Name a legal guardian in your will
- Adjust how your assets will be divided
- Consider setting up or updating a trust
This ensures your child is cared for by the people you trust and receives the inheritance you intend.
3. Death or Incapacity of a Beneficiary or Appointee
If someone you named in your estate plan—such as a trustee, executor, or guardian—passes away or becomes incapable, you need to replace them.
Likewise, if a beneficiary dies or your relationship with them changes, your plan needs to reflect your updated intentions.
4. Changes in Assets or Financial Situation
Buying a home, selling a business, inheriting money, or going through financial hardship should all trigger a review. Your estate plan needs to match your current holdings and goals.
If you’ve added new assets but haven’t placed them into your trust, they may be subject to probate even if the rest of your estate is covered.
5. Relocation to a New State
Estate planning laws vary by state. If you move to a different state, your will, trust, and powers of attorney should be reviewed to ensure they comply with your new state’s laws.
This also includes updating property titles or tax considerations if your new state has different estate or inheritance rules.
6. Significant Health Events
A diagnosis or decline in health should prompt you to review:
- Your healthcare directive
- Medical power of attorney
- Living will instructions
This is also a good time to have conversations with the people named in your plan so they understand your wishes.
7. Changes in Laws or Tax Regulations
Estate tax laws, retirement account rules, and other regulations change over time. A plan that worked five years ago may now be outdated or expose you to unnecessary taxes.
We monitor these changes and help you adjust your plan to keep it aligned with the latest rules and best practices.
What Parts of Your Plan Should Be Reviewed?
When you revisit your plan, focus on:
- Beneficiaries – Are they still accurate? Do they reflect your intentions?
- Guardians – Are the named guardians still the best choice for your children?
- Executors and Trustees – Are these individuals still willing and able to serve?
- Assets – Have new assets been added to your trust or listed in your will?
- Medical and Financial Agents – Are the people you’ve chosen still appropriate?
Even if nothing has changed, reviewing your documents ensures they’re still legally sound and stored where someone can access them if needed.
We Make Updates Easy
At MB Wealth Advisors, we’ve simplified the estate planning process using a secure digital platform. Whether you need to make a quick beneficiary change or overhaul your entire plan, we can help you:
- Access your documents anytime
- Make edits without starting from scratch
- Ensure every part of your plan stays current and legally valid
No legal jargon. No hidden fees. Just a simple process that keeps your plan aligned with your life.
Stay in Control of Your Legacy
Your estate plan is only as strong as it is current. Don’t let outdated documents create confusion, conflict, or legal delays. A quick review today can save your family months of stress tomorrow.
If you’re not sure whether your plan needs an update—or if you’ve never created one—now is the time to act.
Visit our Estate Planning Services for more details, or call (704) 584-9363 to speak with our team. You can also request a consultation at mbwealthadvisors.com/contact/#connect.