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Estate planning is one of the most thoughtful steps you can take for your future and your loved ones. But creating a last will and testament, trust, or other planning documents isn’t a one-time event. Life has a way of changing—sometimes quickly—and if your plan doesn’t keep up, it may not reflect your current wishes. Regular reviews help ensure your plan continues to do what you need it to do, whether that’s protecting your family, securing your assets, or planning for retirement.
Why Regular Reviews Matter
An estate plan that once fit your life perfectly may no longer match your circumstances. Outdated documents can create confusion, disputes, or even unintended results when it comes time to settle your affairs. At the same time, updating your plan periodically gives you peace of mind. You know that your wishes are clear and that your loved ones won’t have to struggle with outdated instructions.
General Timeline for Reviews
Even if nothing significant has changed in your life, it’s wise to revisit your estate plan every three to five years. This allows you to confirm that your documents still align with your goals and comply with current laws. It also gives you the chance to rethink beneficiary designations, personal representatives, or trustees in light of how relationships and responsibilities may have shifted over time.
In addition to a set review schedule, you’ll want to look closely at your estate plan when there are changes in tax rules or retirement regulations, which can affect how your assets are transferred.
Life Events That Should Trigger a Review
While periodic reviews are important, certain life events make it especially urgent to revisit your plan. For example:
- Marriage or divorce
- Birth or adoption of a child or grandchild
- Death of a spouse, family member, or named beneficiary
- Buying or selling a home or business
- A significant increase or decrease in assets
- Moving to another state
- Changes in tax laws or retirement rules
- Health changes or new long-term care considerations
Any of these moments can significantly impact how your estate plan functions. Updating promptly after one of these events can help you avoid future conflicts or gaps in your planning.
Tailored Considerations for Different Stages of Life
The reasons to update an estate plan often depend on where you are in life:
- Young families often need to ensure guardianship provisions are in place for children and that assets are directed toward their care if something unexpected happens.
- Business owners may need to add succession planning or adjust how business assets are handled to protect both the company and their family.
- Retirees typically focus on healthcare directives, long-term care planning, and making sure their plan is structured to provide for a surviving spouse or future generations.
Recognizing how needs shift with each stage of life is an important part of keeping your plan useful and effective.
What To Include in a Review
When you sit down to review your estate plan, make sure you look beyond your will. A complete review should include:
- Trusts, powers of attorney, and healthcare proxies
- Beneficiary designations on retirement accounts, pensions, and life insurance policies
- Your choice of personal representative, trustee, or guardian
- Current addresses, contact details, and other practical information
Taking the time to confirm that these documents are accurate and up-to-date can prevent confusion later on.
Working With an Attorney
Estate planning is not only about preparing documents—it’s about making sure those documents remain valid and effective as life changes. Working with an attorney gives you the reassurance that your plan will be legally sound and tailored to your circumstances. A lawyer can also spot opportunities to strengthen your plan, such as adding a trust or updating tax strategies.
Make Sure Your Estate Plan Still Works for You
Your estate plan is one of the most essential tools you have to protect your loved ones and secure your legacy. Reviewing it regularly, and especially after major life changes, can help ensure that it continues to reflect your wishes.
At The Law Offices of Patricia Bloom-McDonald, we help Massachusetts residents review and update their estate plans, so they can feel confident that their families are cared for. If it’s been a few years since you last looked at your documents, or if you’ve recently experienced a major life change, now is the right time to act. Contact us today to schedule a review and make sure your estate plan is working the way you want it to.