Have you recently celebrated a milestone — newly married, welcomed a baby, or just retired? Maybe you just have not looked at your estate planning binder in years. You are not alone if you cannot remember who you named as your Executor or Trustee, or if the documents now feel more like a time capsule. Life moves quickly, and with every new chapter comes the need to make sure your estate plan keeps pace. Whether there was a recent joyful life event or just the slow march of time, it is worth asking: does your estate plan still reflect your intentions and the loved ones you trust most today? If you are unsure — or if you don not fully understand the legal terms of what you signed years ago — consider scheduling a review of your existing Will or Trust to clarify what your current estate plan does (and does not) do and reevaluate whether your estate plan reflects your current wishes.
As a quick refresher, a Last Will and Testament is a legal document that outlines your wishes for what should happen after your death. This includes how you want your assets distributed, what should happen with your remains, and in some cases, how to handle any debts or taxes you may leave behind. A Will can also name guardians for your minor children and even designate caretakers or trustees for your pets.
Did You Know? Naming a deceased person as Executor or Guardian is one of the most common --- and preventable --- estate planning mistakes.
If you need to make a change to your Will, the formal way to do this is by creating a Codicil. A Codicil is an official amendment to your Will that modifies specific parts without rewriting the entire document. For example, if your Will (in Paragraph II.B. and II.C.) names your deceased father as Executor and your elderly mother as guardian of your teenage daughter, you may want to draft an update to you Will with a Codicil. While you could technically update just those sections with a Codicil, it may not be the most practical option.
Life changes. So should your estate plan …
Given how frequently estate laws change in many states — and the likelihood that other parts of your Will may also need minor updates — it is often more efficient and effective to draft a new Will altogether and formally revoke your old Will. Creating a new Will is sometimes more cost-effective, and this strategy ensures that your intentions are clear, your document is legally sound under current laws, and your estate plan reflects your most up-to-date life circumstances and latest wishes.
If your estate plan is a Trust-based plan, the process of making updates can be a bit simpler — depending on how your Trust is written. Many Trusts, particularly Revocable Trusts, allow for amendments. This flexibility is one reason they are sometimes referred to as “living trusts. A review of the language of your Trust will confirm whether you nay amend your existing Trust. For example, an amendment could be referred to as, “The First Amendment to the Betsy Dowdy Family Trust”, and can be utilized to update key provisions, such as naming new Trustees, changing beneficiaries, or modifying guardianship instructions. These updates are typically easier and less time-consuming than rewriting an entire Trust document from scratch.
No matter whether your estate plan is based on a Will or a Trust, it is critical to review and update your legal documents after major life events — such as marriage, divorce, birth, retirement, or the death or illness of someone named in your estate plan. This ensures your estate plan still works the way you want it to, and that your wishes will be carried out with accuracy and care.
“We all have chapters we would rather than read aloud – but your estate plan should not be one of them.” Inspired by Robert Crawley, Downton Abbey, Season One.
A powerful example of the consequences of outdated estate planning is found in the award-winning film Manchester by the Sea. In the movie, Casey Affleck’s character is blindsided when he learns that his late brother named him as guardian of his teenage nephew — a decision they never discussed before his brother’s sudden passing. This scenario reflects the real-world complications that can arise when Wills or Trusts are not kept current. Guardianship choices can dramatically alter a child’s life — from changing schools to living with someone unable (or unwilling) to relocate. As highlighted in the film, forcing a minor to face the added trauma of making new friends at a difficult time or stop enjoying the extracurricular activities they love can be devastating!
The film also touches on how inherited assets, like the family boat, can become burdensome rather than beneficial. Maintenance costs of historic homes or other real property may turn well-meaning gifts into unexpected financial stressors. These are the kinds of issues that proper estate planning — and regular updates to your estate plan — can help you avoid.
By reviewing and updating your estate plan now, you are not just organizing paperwork. You are ensuring that your loved ones are protected from unnecessary hardship, financial surprises, or confusion during already difficult times. Outdated estate plans can actually cost more to fix later — especially if a named guardian is no longer available, if an asset listed in the Will has already been sold, or if the blessing of more grandchildren is not included. Simply taking the time to make updates now is almost always less costly, less stressful, and far more efficient than trying to untangle outdated documents after a crisis or unexpected event.
New Grandchild? Remarried? Business Success?
Updating your estate plan is critical not only after something tragic, like a sudden passing, but also after life-changing events — even winning the lottery. Major changes in your financial situation can significantly shift how you want your assets distributed, how much you want to leave to certain individuals or charities, or even whether your current Executor or Trustee is still the right fit to manage a more complex estate. For instance, if your original plan was based on modest assets, but your wealth has grown — through an inheritance or an unexpected financial success — your current documents may no longer reflect your true intentions or take full advantage of available tax strategies. On the other hand, if you have downsized, your plan may need to be adjusted to avoid overpromising distributions or placing an unmanageable burden on your heirs.
Either way, ensuring your estate plan reflects your current reality helps protect your legacy — and those you care about most!
If you are in need of assistance, the attorneys at Collins Family & Elder Law Group can help.
