When to Update Your Estate Plan: The Life Events That Should Trigger a Review

Your life changes. Your estate plan should too.

I can’t tell you how many times I’ve seen families caught off guard because their will or trust was written years ago and never updated. Then life happened — new house, new spouse, new child — and suddenly the plan no longer reflected their reality.

An outdated estate plan can be just as risky as not having one at all. Here are some of the most common life events that should trigger a review:

1- Marriage or Divorce
Update beneficiary designations, executors, and trustees. You’d be surprised how many people still have an ex-spouse listed on an old life insurance policy.

2- Children or Grandchildren
Wills should name guardians, and trusts can be updated to include new family members or adjust inheritance structures.

3- Buying or Selling Property
Major changes in real estate often mean retitling assets or updating your trust to include (or remove) properties.

4- Inheritance or Windfall
If you’ve recently inherited assets, your tax and estate picture has changed — your plan should change with it.

5- Retirement or Major Career Changes
These transitions can affect income sources, business ownership, and beneficiary designations on retirement accounts.

The takeaway: Estate planning isn’t a one-time project. It’s a living strategy that grows and adapts with you over time.

If it’s been more than a few years since you’ve reviewed your plan — or if any of these life events sound familiar — that’s your sign to take another look.