When To Update An Estate Plan

Brad Smith • Sep 20, 2021

Life is all about change. This is never more true than in relation to your estate plan.


When you created your estate plan, it was based on your situation at the time, the people in your life, your financial holdings, the law at the time, and some educated guesses about what and when things might happen. It is constant change that creates the necessity for periodically updating your plan. 

Updating Your Estate Plan Is Important

Creating an estate plan is not something that should be completed once and then left in a drawer never to be seen again. You should keep your plan up to date as the years pass, and your life, the people in it, and the laws around you change. 


Let’s compare an estate plan to a car; there are surprising similarities.


To begin, both need periodic maintenance to keep them working so that when we need them, they are there for us. Both need drivers to make them go. Drivers? Yes, in your estate plan the drivers are your helpers - trustee, executor, agent. And, both need gas to make them go. The gas in your trust is the assets.


Ensuring that you have the right plan (car), with appropriate drivers, and plenty of gas at all times will put you in a good position to ensure financial stability for your loved ones, reduce their emotional stress, and guarantee that your last wishes are respected.

When Do You Need To Update Your Estate Plan?

If you have experienced any of the following changes in your life, we recommend you update your estate plan as soon as possible:


  • Purchased or sold any of your assets


  • Changed your marital status (married, divorced, lost a spouse or loved one)


  • Changes in your economic situation


  • Retired from work



  • You are facing the possibility of going into a nursing home or another form of long-term care


  • Your health care directives were created prior to the HIPAA laws (2003)


  • You have decided to change who is in charge of your medical, financial or final affairs 


  • There have been changes to the laws


  • There have been changes to your beneficiaries 



  • There have been tax changes 

Common Reasons To Update An Estate Plan

  • Any change to your marital status, whether you have gotten divorced, tied the knot, or lost a spouse, is an important reason to review and update your estate plan. 


  • If you have welcomed a new baby into your home, it’s a good idea to add them to your estate plan to ensure they are taken care of in case the worst were to happen to you or your spouse. 


  • If you’re thinking of adding or removing any of your beneficiaries, you will need to review your estate plan first to ensure that the changes to beneficiaries will not have a negative impact on your overall plan.


  • Tax laws are constantly changing, which means you need to be ready to take these changes into account in your estate plan. 


If you already have an estate plan in place, it’s a good idea to update it every three to five years. 

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Interested in Working With Us?

If you need help with estate planning or any other legal concerns, we are here for you. Don't hesitate to contact our firm directly for assistance. Our dedicated team is ready to provide support and guidance to you and your loved ones during important life transitions.


Whether you're ready to schedule a strategy session to discuss your specific needs or if you're interested in exploring our wide range of complimentary guides and additional resources, we encourage you to get in touch with us.


With licensed attorneys and offices located in both Illinois and Missouri, we are well-equipped to serve clients in these regions. Reach out to us today and let us leverage our expertise and care to guide you through the legal process.

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