An estate plan needs regular care and attention to stay strong. When to update an estate plan? We recommend meeting at least every three years, or more often if your circumstances change, as a routine checkup to make sure your estate plan still aligns with your goals. Each life event can shift how assets are owned, protected, and passed on — and updates now can make all the difference later. Below are examples of life events that require updating your Will or Trust:
Birth or Adoption
Welcoming a new child through birth or adoption is one of life’s greatest joys — and a powerful reason to plan for the future. Updating your estate plan after expanding a family ensures that the right people can care for the child and manage assets on their behalf. Parents can name a guardian to raise the child if something unexpected happens, designate a trustee to handle funds responsibly, and outline how and when the child should receive an inheritance. Taking these steps now offers lasting peace of mind and protection for the newest member of the family. Our team can guide you through these changes with clarity and care, helping you protect what matters most as life moves forward.
Relationship Changes
Marriage and divorce are two of life’s biggest turning points — and both can have a significant impact on your estate plan. Marriage often means combining finances, sharing property, and building a future together – making it the perfect time to review your Last Will and Testament or Trust.
If you have remarried, careful estate planning can help balance caring for children from a prior marriage while protecting your new spouse and family. After a divorce, updating your documents is just as important. You may want to remove your former spouse from financial or medical decision-making roles and ensure your assets go exactly where you intend.
Major Purchase or Sale (Home, Business, or Property)
Keeping your estate plan current after buying or selling a home, business, or other property can have a huge impact on your financial legacy. Each new asset or transaction changes how the asset is owned, transferred, and/or protected. Before completing a purchase, we can advise on the best way to title the property, whether individually, jointly, or in the name of a revocable living trust, to ensure the asset aligns with your broader estate planning goals.
If the property has already been purchased, it is vital to bring ownership into harmony with your existing plan. For those selling a property or business, this is also an opportunity to review how the proceeds should be managed — whether reinvested, used for gifting, or placed in a trust for asset protection or legacy planning. Real estate transactions are more than financial events; they are moments to strengthen long-term stability, protect loved ones, and ensure every hard-earned asset is structured to work for the future you envision.
Career Transitions
Career changes — whether starting a new job or leaving one — can bring excitement and uncertainty. When one door closes, another often opens, and it is also a time to be sure that your estate plan keeps pace with these shifts.
A new position may come with benefits such as life insurance, retirement plans, stock options, or bonuses. These may require new beneficiary designations or additional planning once they vest. It is wise to ensure they align with your Will or Trust so that your estate plan continues to function as intended. If you have recently lost or left a job, you may also need to adjust your plan to reflect changes in income or assets.
Retirement
Welcome to your golden years — a time to enjoy the rewards of a lifetime of hard work. Retirement often means new priorities, more freedom, and a shift from saving to enjoying what has been built. This transition also presents an ideal opportunity to revise your estate plan so every decision aligns with your long-term goals.
Many retirees also use this stage to explore ways to preserve a legacy through gifting or trust planning, while considering strategies for long-term care or future medical needs. With more travel and time spent with family, updating financial and medical powers of attorney becomes even more important to ensure that trusted individuals can step in if needed. Thoughtful planning in retirement provides peace of mind, stability, and the confidence that your legacy will continue to make a difference for years to come.
Death of a Loved One
Losing someone you love is never easy — when things begin to settle, it is a good idea to review your estate plan to make sure everything still reflects your wishes. You may need to remove the person who passed as an executor, trustee, or power of attorney. We can help you update these roles, choose new trusted individuals, and keep your plan current so it continues to protect the people and legacy that matter most.
Inheritances and Settlements
The death of a loved one not only brings grief and loss, but it could also result in receiving an inheritance. An inheritance may include cash, real estate, or other assets like family heirlooms. Similarly, you may be anticipating an inheritance or expecting to receive funds from a legal settlement in the future. Whether received or expected, an inheritance or settlement can significantly impact your estate planning strategy. You may have new accounts or property that need to be retitled and new terms you would like to add to your Will or Trust. In addition, depending on the size or nature of the inheritance or settlement, there may be tax and asset protection considerations.
We Can Help
Estate planning updates after marriage/divorce/retirement are critical to what you want your legacy to be. Whatever life brings you, we are here to help you weather the storms and celebrate the milestones. Even if no life events have occurred, reviewing your existing estate plan every three years is still a good idea.
If you are in need of assistance, the attorneys at Collins Family & Elder Law Group can help.
