When to Revisit Your Estate Plan
Plain English
A will, trust, or beneficiary designation made years ago might not reflect your life today. Certain events — a marriage or divorce, a new child, moving to a new state, a change in financial status — are good natural prompts to take another look.
What is it?
A list of common life events that commonly prompt a review of an existing estate plan: a change in marital status, birth or adoption of a child, buying or selling significant real estate, relocating to a new state, a significant change in employment or financial status, starting or selling a business, the birth of grandchildren, a serious illness in the family, losing a loved one named in the plan, approaching or entering retirement, and a child turning 18 (when a new adult may need their own basic documents, like a healthcare proxy).
Why does it matter?
Beneficiary designations and old documents don't update themselves — a decades-old life insurance beneficiary form naming a former spouse, or a will that doesn't account for a state you no longer live in, can produce outcomes very different from what you'd actually want.
How does it work?
A periodic review (many people use a fixed schedule, like every few years) plus a review after any of these specific events, checking that the will, any trusts, beneficiary designations, and powers of attorney/healthcare directives all still reflect current wishes and current state law.
Risks and limitations
This list is educational, not a substitute for a periodic conversation with a qualified estate planning attorney, whose review can catch state-specific issues (like differing rules on wills, trusts, or spousal rights) that a general checklist cannot.
Questions to ask a professional
Has anything on this list happened since my documents were last reviewed? Do my beneficiary designations match my current wishes? If I moved states, has anyone reviewed my documents against my new state's laws?