When is it time to review or update your Estate Plan?

An estate plan is not a "set it and forget it" structure. While it’s tempting to check it off your to-do list and never look back, a stagnant plan can sometimes be as problematic as having no plan at all. As your life, assets, and the law change, your estate plan must evolve to remain effective.

At Stock Legal, we recommend a "trigger-based" approach to reviews, rather than simply reviewing your documents every year. If you haven’t looked at your documents in a while, here are the key indicators that it’s time for an update.

Major Life Transitions

The most common reason to update a plan is a change in your family structure. These big moments often shift your priorities and your beneficiaries:

• Marriage or Divorce: A change in marital status significantly impacts inheritance rights, tax planning, and who you want making decisions on your behalf.

• New Additions: The birth or adoption of a child or grandchild should prompt a review of guardianship designations and trust distributions.

• Loss of a Loved One: If a named beneficiary, executor, or trustee passes away, you should think about designating a successor to ensure your plan remains functional.

Significant Financial Changes

Your estate plan was designed around the assets you owned at the time you set it up. If your financial landscape shifts, your strategy might need to shift with it:

• Buying or Selling Real Estate: New property needs to be properly titled or moved into a trust or LLC.

• Starting or Selling a Business: Business succession planning is a critical component of a comprehensive estate plan.

• Inheritance: Receiving a significant windfall may require new tax-planning strategies to protect those assets for the next generation.

Changes in Relationships & Roles

Sometimes it isn’t about the money; it’s about the people. The person you chose to be your Power of Attorney ten years ago, for example, might no longer be the best fit today.

• Trustee/Executor Suitability: Does your named executor still have the health and desire to manage your affairs?

• Guardianship: If the people you originally named to parent your kids if you should die are no longer suitable—due to age, incapacity, location, or just their “fit” with your children—you should update your Last Will and Testament to replace them.

Moving Across State Lines

Estate laws vary significantly from state to state. If you move, your documents may still be "valid," but they might not be optimal under your new state’s statutes regarding probate, taxes, or marital property. A quick review with a local attorney ensures your plan works exactly as intended in your new home.

The "Three-to-Five Year" Rule

Even if your life feels relatively static, tax laws and legal precedents are constantly shifting. We recommend a "wellness check" on your estate plan every three to five years. Legislative changes (like the S.E.C.U.R.E. Act or changes in the federal estate tax exemption) can inadvertently render parts of your plan obsolete or inefficient.

Take the Next Step

If you’re reading this and realizing your plan still lists your college roommate as your executor—or if you haven't looked at your documents since your "baby" started high school—it’s time for a refresh.

Don't leave your legacy to chance or outdated documents. At Stock Legal, we specialize in making the estate planning process transparent and straightforward with our fixed-fee services. Whether you need to draft a simple will or coordinate a complex trust, our team is ready to help you protect what matters most.