How Often Should You Review Your Estate Plan?
Estate Planning: Routine MaintenanceAn estate plan isn’t a one-time thing, written just to be set aside to collect dust. Life changes. Laws and regulations change. And it is important for you to understand when those changes could affect your estate planning documents.
Reviewing your estate plan regularly and during major life events, regardless of the last update, will help make sure your affairs are in order. Here’s everything you need to know about when you should review your estate plan, or at least reach out to your estate planning attorney to find out whether you should revise your plan. |
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Conduct Maintenance Reviews of Your Estate Plan Every 3 to 5 Years
Everyone with an estate plan should regularly sit down with their attorney to review their documents, but the frequency depends on each individual plan, as well as what is going on in your life and the life of your family.
For example, one person might request to go over their plan every year. Others might do a bi-annual review. Many wait five or more years between reviews. However, the general expert recommendation is to check in on your estate plan at least every three to five years.
Pick a time frame you and your attorney think is best, but understand that because laws change, regular estate plan reviews really should be done no fewer than every five years so that you can keep pace with updated regulations and laws. This doesn't mean you have to re-write your estate plan every three to five years- what it does mean is that you should check in with your estate planning lawyer to (i) find out if there have been any changes in the tax or inheritance laws that might affect you; and (ii) let him or her know about any significant changes in your life and family circumstances and ask whether any of those changes affect your current plan.
For example, one person might request to go over their plan every year. Others might do a bi-annual review. Many wait five or more years between reviews. However, the general expert recommendation is to check in on your estate plan at least every three to five years.
Pick a time frame you and your attorney think is best, but understand that because laws change, regular estate plan reviews really should be done no fewer than every five years so that you can keep pace with updated regulations and laws. This doesn't mean you have to re-write your estate plan every three to five years- what it does mean is that you should check in with your estate planning lawyer to (i) find out if there have been any changes in the tax or inheritance laws that might affect you; and (ii) let him or her know about any significant changes in your life and family circumstances and ask whether any of those changes affect your current plan.
Review Your Estate Plan When There Are Financial Changes
If major financial changes occur in your life, you should update your estate plan. But what qualifies as a major financial change? They include updates in the following areas:
Your estate plan should also be reviewed if you purchase large asset like a home, or if you borrow a large sum of money.
You also may wish to review your plan or make changes if the financial situation of your heirs changes.
- Your/your spouse’s career or business
- Your/your spouse’s financial goals
- Long-term insurance coverage
- Federal or state laws involving taxes and investments
- You/your spouse receive an inheritance that substantially changes your asset picture
Your estate plan should also be reviewed if you purchase large asset like a home, or if you borrow a large sum of money.
You also may wish to review your plan or make changes if the financial situation of your heirs changes.
Review Your Estate Plan if Family Changes Occur
Other life events include major family changes, usually relating primarily to children or changes in your marital status. For example, the birth or adoption of a child or grandchild often requires an update to your estate plan. Not only can you create an inheritance for them, but you can name guardians or set up trusts, too.
Aside from the birth of a child, when else should you review your estate?
Your estate planning needs will also naturally change as time passes, and your children get older. The careful plans you made for the care of your children when they were toddlers may not be what you need or want when they graduate from college, or start their own families. You may also need to review your life insurance policies and plans for assets after you are done paying for college and other large expenses.
Aside from the birth of a child, when else should you review your estate?
- When a child is adopted, by you or one of your heirs
- When your child or grandchild comes of age
- When funding is needed for your child or grandchild for expenses like education
- When death or changes in guardianship occurs
- If family members pass away or become disabled
- If your executor, trustee, durable power of attorney or health care proxy changes or passes away
Your estate planning needs will also naturally change as time passes, and your children get older. The careful plans you made for the care of your children when they were toddlers may not be what you need or want when they graduate from college, or start their own families. You may also need to review your life insurance policies and plans for assets after you are done paying for college and other large expenses.
If Marital Circumstances Change, Review Your Estate Plan
Finally, you should review your estate plan if anything regarding your marital state changes.
Usually, this is necessary if you get married or divorced or if illness, disability or death of your spouse occurs. In the case of a divorce, it is likely that your original estate planning documents included your spouse as the first-line personal representative, health care proxy, and power of attorney. Though it is certainly your choice to leave these designations in place, it is usually not what people want after a divorce. In the case of marriage, especially re-marriage after a death or divorce, you will want to make sure you are providing not only for your new spouse, but for any children you may already have from a prior marriage.
Usually, this is necessary if you get married or divorced or if illness, disability or death of your spouse occurs. In the case of a divorce, it is likely that your original estate planning documents included your spouse as the first-line personal representative, health care proxy, and power of attorney. Though it is certainly your choice to leave these designations in place, it is usually not what people want after a divorce. In the case of marriage, especially re-marriage after a death or divorce, you will want to make sure you are providing not only for your new spouse, but for any children you may already have from a prior marriage.
What Kind of Changes Might You Make to Your Estate Plan?
Ideally, your original estate plan was written in a way that provides generically for your children and descendants, so that if you have another child, or if you have a new grandchild, you do not necessarily need to make changes. This works when your plan is to divide everything evenly among your children or their children- if you have made specific allocations in your original documents, you will need to amend the documents when new children and grandchildren come on the scene.
In the case of divorce or death of a spouse, there are likely a number of documents where you have named that individual, such as your designation of a personal representative in your will, your health care proxy, and your durable power of attorney.
You do not necessarily have to re-write your entire estate plan. Many changes can be made through the use of a codicil, a document you attach to your original will that specifies the changes you wish to make.
In the case of divorce or death of a spouse, there are likely a number of documents where you have named that individual, such as your designation of a personal representative in your will, your health care proxy, and your durable power of attorney.
You do not necessarily have to re-write your entire estate plan. Many changes can be made through the use of a codicil, a document you attach to your original will that specifies the changes you wish to make.
How We Can Help
At slnlaw, we are dedicated to helping you keep your estate plan current and effective. Our experienced estate planning attorneys will guide you through regular reviews and updates, ensuring your plan reflects any changes in your financial situation, family dynamics, or marital status. We provide personalized advice and solutions to help you navigate legal updates and maintain your estate's integrity, ensuring your wishes are honored and your loved ones are protected. Let us help you stay on top of your estate planning needs with confidence and peace of mind. You can use the button below to schedule a free information call, or give us a call at (781) 784-2322.
Meet Our Estate Planning Lawyers
Emily Smith-Lee is the owner and founder of slnlaw. She is a 1996 graduate of Boston College Law School. She was previously a partner at the Boston office of a large international firm, where she worked for thirteen years before starting the firm that became slnlaw in 2009. She has been recognized as Massachusetts Superlawyer each year since 2013, and in 2018 earned recognition as one of Massachusetts Lawyers Weekly's Lawyers of the Year.
Jenna Ordway: Jenna is a 2013 graduate of Quinnipiac Law School, and also earned an LLM in Taxation from Boston University in 2015. She has been affiliated with slnlaw since 2011, first as a law clerk and then as an attorney. Jenna has been recognized since 2019 as a "Rising Star" by Massachusetts Superlawyers. Jenna wrote a book on estate planning: The Road to Peace of Mind: What You Need to Know About Estate Planning. Jenna has helped many individuals and families with planning to protect their legacies and loved ones, and planning for the future and succession of their businesses.
Sharleen Tinnin: Sharleen is a 2010 graduate of Northeastern University School of Law, and earned her LLM in estate planning from Western New England Scool of Law in 2016. She has been with slnlaw since 2023. Prior to joining slnlaw, she worked with King, Tilden, McEttrick & Brink, P.C. on complex civil litigation matters. She previously worked for the United States Department of Justice, and received an "Excellence in Justice" award in 2017. Sharleen has helped many clients with planning for their legacies and their future, and navigating the probate process in Massachusetts after the death of a loved one.
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