Creating a will is an important milestone, but it's only the beginning. Once an estate strategy is in place, it requires periodic reviews to check that it still accurately reflects your wishes. Life events such as marriage, divorce, births, deaths, relocations, health changes, business sales, and changes in tax law may prompt you to reconsider part of your overall strategy.
When life changes, your estate plan should change with it.
When Should You Review Your Estate Plan?
As a general rule, it's wise to review your estate plan every three to five years, even if you don't think anything significant has changed. You should also consider reviewing your documents after any major life event, including:
- Marriage or divorce
- The birth or adoption of a child or grandchild
- The death or incapacity of a spouse, executor, trustee, or beneficiary
- A significant change in your financial situation
- Starting, buying, or selling a business
- Purchasing property in another state
- Retirement
- Moving to another state, where estate laws may differ
However, doing a periodic review doesn't necessarily mean you'll need to rewrite your entire plan. Sometimes, a few simple updates are all that's needed to ensure your wishes are still accurately reflected.
Your Will Is Only One Piece of the Puzzle
While a will is often the foundation of an estate plan, it shouldn't be the only document you review. Your estate planning review may also include:
- Beneficiary designations on retirement accounts and life insurance policies
- Durable powers of attorney
- Healthcare directives or living wills
- Trust documents, if applicable
- Asset ownership and account titling
One of the most common oversights we see is that beneficiary designations haven't been updated in years. In many cases, those designations take precedence over what's written in a will, making it essential that they align with your current wishes.
Keep Your Financial Plan and Estate Plan in Sync
Your financial plan and estate plan shouldn't exist in separate silos. Investment strategies, retirement income planning, charitable giving, tax considerations, and legacy goals all influence how your assets may ultimately be transferred. Reviewing these pieces together helps create a more coordinated plan that reflects your priorities today, not just the ones you had years ago.
At FourFront Wealth Management, we regularly discuss estate planning as part of our ongoing planning conversations. While we don't draft legal documents, we help clients identify when it's time to revisit their estate plan and work alongside trusted estate planning attorneys to make sure every part of the plan is working together.
A Simple Question to Ask Yourself
If someone looked at your estate plan today, would it reflect the life you're living now? If you're not sure, or if it's been several years since your last review, now is a great time to revisit it. A few thoughtful updates today can provide greater clarity and confidence for you, and peace of mind for the people who matter most.