Senior Associate
Most people should review their estate plan every three to five years, even if nothing major has changed. You should also revisit your plan sooner whenever a significant life event, financial change, or legal development affects your family or assets.
Estate planning is not a one-time task. A will, trust, power of attorney, or health care proxy that accurately reflected your wishes years ago may no longer fit your current circumstances. Regular reviews help ensure your documents continue to work as intended and reflect your goals.
How Often Should You Review an Estate Plan?
Most estate planning attorneys recommend reviewing your documents every three to five years, even if your circumstances appear unchanged. Estate plans can gradually become outdated as family relationships, financial accounts, beneficiary designations, and laws evolve over time.
A periodic review helps confirm that:
- Your chosen fiduciaries are still the right people to serve
- Beneficiary designations remain accurate
- Asset ownership aligns with your estate plan
- Your documents reflect current Massachusetts and federal law
Even when no updates are needed, a review can help identify issues before they affect your family or create complications during estate administration.
What Life Events Should Trigger an Estate Plan Update?
Some of the most common reasons to update an estate plan include:
- Marriage or divorce
- The birth or adoption of a child
- The birth of a grandchild
- The death of a spouse, beneficiary, trustee, or personal representative
- A significant change in your financial situation
- Starting, selling, or acquiring a business
- Purchasing real estate
- Moving to another state
These events can affect beneficiary designations, inheritance plans, fiduciary appointments, and other key provisions within your estate plan.
For example, if you recently welcomed a child, you may want to update guardianship provisions, establish trusts, or adjust how assets will be distributed in the future.
Should You Update Your Estate Plan After Major Financial Changes?
Yes. Changes in your assets often warrant a review.
If your net worth has increased substantially, you may need additional planning strategies to protect assets, address tax concerns, or provide for future generations. Likewise, selling a business, receiving an inheritance, or acquiring investment properties may affect how your estate should be structured.
Asset ownership also matters. If property is titled incorrectly or beneficiary designations do not align with your estate plan, your intentions may not be carried out as expected.
A review can help ensure that your estate planning documents and asset ownership arrangements work together.
Can Changes in Massachusetts or Federal Law Affect Your Estate Plan?
They can. Estate planning laws and tax rules change over time. Massachusetts estate tax laws, federal estate tax exemptions, trust regulations, and probate procedures may all evolve.
While many legal changes may not require a complete rewrite of your estate plan, they can affect how your documents operate and whether certain strategies remain appropriate.
Periodic reviews allow you to identify opportunities to update your plan based on current law rather than relying on outdated assumptions.
What Documents Should Be Reviewed?
When reviewing your estate plan, it is important to look beyond your will.
Documents that should be evaluated include:
- Last will and testament
- Revocable living trusts
- Durable powers of attorney
- Health care proxies
- Beneficiary designations for retirement accounts and life insurance
- Deeds and real estate ownership records
- Business succession planning documents
A comprehensive review helps ensure these documents remain consistent and support your current objectives.
Keep Your Plan Aligned With Your Life
An estate plan should evolve as your life evolves. Regular reviews and timely updates can help ensure your wishes remain clear, your loved ones are protected, and your documents continue to reflect your current circumstances.
At LaFountain & Wollman, P.C., we help individuals and families throughout Massachusetts review and update estate plans as life changes occur. If it has been several years since you reviewed your estate planning documents, or if you’ve recently experienced a major life event, contact us to schedule a consultation.