When should I update my estate plan?
Consider reviewing your estate plan every three to five years and after major changes involving your family, finances, health or state of residence. An update may be needed when your documents, beneficiary designations or people selected for key roles no longer reflect your circumstances or wishes.
An estate plan reflects your circumstances, property and wishes at a certain point in time. As those details change, parts of the plan may become outdated. Reviewing your plan doesn’t mean each document needs to be rewritten. Instead, a review can help you identify what may need attention and which professionals or organizations to contact.
How often should you review your estate plan?
Consider a full estate plan review every three to five years when no major changes have occurred. Review it sooner after a major family, financial, health, business or location change, or when someone named in the plan can no longer serve.
The three-to-five-year time frame is a general guideline, not a legal deadline. An estate planning attorney may suggest a different schedule based on your circumstances and state law.
Reasons to update an estate plan at a glance
These events may prompt an estate plan review:
This table is a starting point rather than a complete estate planning checklist. Whether a change affects your plan depends on your documents and circumstances.
Family changes that may affect your estate plan
Changes in your family may affect who receives property, who cares for your dependents and who can make decisions for you.
Estate planning after marriage
Marriage or remarriage may change who you want to receive property or act on your behalf. A blended family can also raise questions involving a spouse, children from earlier relationships and jointly owned property.
Consider reviewing your will and trust, property ownership, beneficiary forms and the people named as executor, trustee or agent. An attorney can explain whether state law or spousal rights affect your documents.
Estate planning after divorce
Estate planning after divorce may involve more than updating a will. Consider reviewing references to a former spouse in your will, trust, financial power of attorney and health care documents.
Also review beneficiary designations held by insurers, employers and financial institutions. Changing a will does not necessarily change these separate designations. Plan terms, court orders and federal or state law may affect what can be changed and when.
An estate planning attorney can help you review the legal documents. Contact the insurer, employer or financial institution to learn about its process for reviewing or changing a beneficiary designation.
Children, dependents and changing relationships
Several changes involving children or other dependents may prompt an estate plan review:
- A child joins your family: You may want to review beneficiaries, identify a preferred guardian for a minor child and consider how property would be managed for that child.
- A child reaches adulthood: A review can help you decide whether old guardianship language, age-based instructions or contact information still fit.
- A dependent’s needs change: New health, education or caregiving needs may affect how you plan for that person.
- A relationship changes: You may want to reconsider a beneficiary or a person authorized to make decisions for you.
- A named person can no longer serve: Consider whether the executor of a will, trustee, guardian or agent you selected is still available and willing, and whether a backup choice is needed.
Financial, property and business changes to review
Your estate plan may refer to property, accounts, insurance or business interests you no longer own. It may not reflect resources you acquired after the documents were completed.
Consider an estate plan review after these changes:
- Income or net worth: A major increase or decrease may affect your financial goals, insurance needs or tax planning.
- Property: Buying or selling a home or other significant property may affect your asset list, ownership arrangements or distribution instructions.
- Inheritance: Receiving money or property may change the size or makeup of your estate.
- Business interests: Starting, buying or selling a business may affect ownership, continuation or succession plans.
- Retirement: Retiring or changing jobs may be a reason to review retirement accounts and their beneficiaries.
- Insurance: Buying or changing life insurance may affect the resources available to your beneficiaries.
- Charitable goals: If your giving goals change, review the organizations and amounts named in your plan.
Major life or financial changes may also prompt you to review your life insurance coverage.
Moving, health changes and changes in the law
Moving to a new state
A move may prompt an estate plan review because laws and document requirements can differ by state. Consider asking an attorney familiar with the new state’s laws to review your will, trust, powers of attorney, health care documents, property ownership and people selected for key roles. You may also need to update addresses, contact information and document storage details.
A change in health or caregiving responsibilities
A health change may affect who can make financial or medical decisions for you. It may also change the support needed by a spouse, child, parent or other dependent.
Some documents may need to be reviewed more often than the broader estate plan. The National Institute on Aging suggests reviewing advance directives at least once a year and after major life events such as a move, divorce or change in health.
Consider whether the people named in your financial and health care documents still understand your wishes and remain willing to serve.
Tax and estate law changes
Federal and state tax or estate laws may change over time. A change in the law does not affect each estate in the same way.
The Internal Revenue Service (IRS) maintains current estate and gift tax updates. An estate planning attorney and a qualified tax professional can help explain whether a change may affect your plan.
What should you review in an estate plan?
An estate plan may include legal documents, beneficiary designations and ownership arrangements. During a review, consider checking:
- Legal documents: your will, trust, financial power of attorney and health care documents
- People named in the plan: beneficiaries, executors, trustees, guardians and agents
- Accounts and property: beneficiary designations, retirement accounts, insurance, property ownership and business documents
- Access information: current contact information and where signed documents are stored
How to review and update your estate plan
Consider these steps when preparing for an estate plan review:
- Gather your documents and list what has changed. Collect your estate planning documents, insurance information, retirement account details, property records and business documents. Note changes involving your family, finances, health, property, residence or goals.
- Review the people you named. Check beneficiaries, executors, trustees, guardians and financial or health care agents. Consider whether backup choices are still appropriate.
- Compare documents and separate designations. Review beneficiary forms and property ownership arrangements separately because changing a will may not change them.
- Meet with the appropriate professionals. An estate planning attorney can review legal documents, while a qualified tax professional can address tax questions. Contact insurers, employers and financial institutions about their forms and procedures.
- Complete and store the updates. Work with your attorney to follow applicable state requirements. Keep current documents in a secure but accessible location and tell appropriate people where they can be found.
Avoid writing changes directly on a signed estate planning document unless an attorney confirms that method is valid under applicable law.
Frequently asked questions
When should I update my will?
Consider reviewing your will after marriage, divorce, the birth or adoption of a child, the death of someone named in the will, a move or a major property change. A review may also be appropriate if your executor or guardian can no longer serve.
Does changing my will update my beneficiary designations?
Not necessarily. Insurance policies, retirement plans and some financial accounts use separate beneficiary designations. Contact the insurer, employer or financial institution to learn how to review or change its form.
Do I need an attorney to update an estate plan?
The answer depends on the document and state law. An estate planning attorney can explain whether an existing document can be amended or needs to be replaced. A qualified tax professional can address tax questions.
A State Farm agent can help you review life insurance options and beneficiary information as one part of your broader estate plan.
This content was developed with the help of AI and reviewed by State Farm editors.
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Neither State Farm nor its agents provide tax or legal advice.
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