5 Signs It Might Be Time to Update Your Estate Plan
5 Signs It Might Be Time to Update Your Estate Plan
We’re always happy to work with couples and families, hear their story, put their wishes on paper, and celebrate when they come in to sign their new estate plan (we even have cake ready, just saying).
But let’s face it. Life doesn’t stay the same. Your estate plan won’t know when it needs to change. There’s no fairy coming in to magically update it for you.
If your plan has not been reviewed in a while, here are five signs it may be time for an update.
When Should You Update Your Estate Plan?
If your life has changed, your estate plan should change with it. Below are some of the most common signs it may be time for a review.
1. You Have Had a Major Life Change
When something big happens in your life, it may be time to check your plan.
Some common life events include:
• Marriage or divorce
• Having children or grandchildren
• A death in the family
• Buying or selling a home
The present eventually becomes the past. When that happens, it’s important to ask whether those changes affect your estate plan.
2. The People You Chose No Longer Fit
When you created your estate plan, you chose people to act as your trustee, executor, or agent. That choice likely gave you peace of mind at the time.
But you should ask yourself:
Are these still the right people to make important decisions for you?
Relationships change. People move. Health can decline. Life happens.
It’s important that the right people are still in the right roles.
3. Your Assets Have Changed
Have you gained new assets or experienced financial changes? That’s a big deal.
It may also mean your plan needs to be updated.
This could include:
• New property
• New accounts or investments
• A growing or shrinking estate
Your estate plan should match what you own today, not what you owned years ago.
4. You Are Not Sure What Your Plan Says
There’s no shame in not remembering the details of your estate plan. It’s more common than you might think.
That’s also why we take the time to explain everything in plain English, without the legal “mumbo jumbo.”
If you’re unsure how your plan works or what it actually says, it’s a good time to review it.
Your estate plan should feel clear and easy to understand, not confusing or outdated.
5. It Has Been More Than 3 to 5 Years
Even if nothing major has changed, time alone is a good reason to review your plan.
In California, laws can change. Whether we like it or not, your plan should reflect those updates.
The good news is you don’t have to track those changes yourself. That’s something your attorney can help with.
A quick review every few years helps make sure everything still works the way you expect.
A Simple Next Step
An estate plan is not a one-time task. It should grow and change as your life changes.
If it has been a few years, or if any of these signs sound familiar, it may be time to take another look.
A simple review can help ensure your plan still reflects your wishes and protects the people you care about.