Creating an estate plan is an important step in ensuring your wishes are honored and your loved ones are supported. But an estate plan is not meant to sit untouched forever. As life changes, your documents may need to change as well so they continue to reflect your goals and circumstances.
If you’re facing changes and want to review your estate plan, contact Signature Legal, PLLC through our online contact form or call (947) 217-7176.
It can be reassuring to know that updating an estate plan doesn’t always require starting from scratch. A Troy estate planning attorney can help you determine whether a simple adjustment or a more detailed update is needed. Below are some of the most common life changes that may signal it’s time to review your documents.
Major Life Events That May Impact Your Estate Plan
Some changes in life can shift your priorities, assets, or the people you trust to help manage your affairs. When these milestones occur, revisiting your estate plan ensures it continues to serve your needs.
Marriage or Divorce
Marriage introduces new financial and personal responsibilities, and your estate plan should reflect that. You may want to update beneficiary designations, choose a spouse for certain decision-making roles, or adjust asset distribution plans.
Divorce, on the other hand, often requires removing an ex-spouse from important roles or updating what they may receive. Without making these updates, your documents may no longer align with your intentions.
Welcoming a Child or Grandchild
Expanding your family is one of the clearest reasons to update your estate plan. Planning for a child or grandchild may involve appointing a guardian, creating trusts to manage future needs, or updating who will inherit your property.
Many people assume they will revisit their estate plan later, but making updates sooner can help ensure young family members are supported if something unexpected happens.
Significant Changes in Assets
Your estate plan should match your financial life. When your assets grow, decrease, or shift in type, it may be time to review your documents. This includes changes such as:
Common Changes in Assets That May Require Updates
If your financial situation has changed in noticeable or meaningful ways, consider reviewing your documents to keep everything aligned.
- Buying or selling a home
- Starting or closing a business
- Receiving an inheritance
- Taking on new debt
- Opening new financial accounts
After these types of changes, adjusting your estate plan helps ensure everything transfers smoothly and accurately. It also helps reduce potential confusion or conflict among loved ones.
Changes in Relationships or Trusted Decision-Makers
Your estate plan relies on people you trust—executors, trustees, guardians, and healthcare decision-makers. Over time, relationships can shift, people may move, or someone who once felt like the right choice may no longer be the best fit.
Reasons You Might Change Trusted Decision-Makers
Here are situations that often lead to updates in this area:
- Someone you named is no longer able or willing to serve
- You wish to name a new trusted person
- A previous choice has moved away or had a change in circumstances
- A relationship has changed in a way that affects your comfort or confidence
Refreshing these roles helps ensure the people managing your affairs are aligned with your current needs.
Changes in Health or Long-Term Care Needs
A shift in your health or the health of a loved one can influence what you need from your estate plan. This may involve revisiting advance directives, updating financial management instructions, or preparing for the possibility of long-term care.
Even small changes in health can make it worthwhile to review whether your existing instructions still reflect your wishes. A Troy estate planning attorney can guide you through options that help protect you while easing responsibilities for your loved ones.
When Should You Regularly Review Your Estate Plan?
Life may not always present a major change, but it’s still helpful to review your documents periodically. A general guideline is to review your estate plan every three to five years. This ensures your documents stay current with your preferences, financial life, and applicable laws.
Updating Your Estate Plan With A Troy Estate Planning Attorney
Updating an estate plan can give you a renewed sense of clarity and help reduce potential stress for your family. When life shifts—whether through major milestones, financial changes, or evolving relationships—reviewing your documents ensures they continue to reflect what matters most.
If you believe it may be time to revisit your estate plan, Signature Legal, PLLC is ready to help. Contact us through our online contact form or call (947) 217-7176.
