Estate planning isn’t something you do once and forget. A will or trust is a snapshot of your intentions and your life at a certain moment—but life doesn’t stay still. As your assets grow, your family changes, and laws evolve, it’s essential to review your estate plan regularly to make sure it still does what you want it to do.

So, how often should you review your will or trust? The general rule is every three to five years, but you should also revisit your documents any time a major life change occurs—and that’s where things get specific.

Here’s a detailed breakdown of when and why you should consider updating your will or trust:

1. Marriage or Divorce
If you get married or divorced, your estate plan likely needs immediate revision. Many people forget that state laws don’t always automatically update your beneficiaries. After a marriage, you might want to add your spouse as a beneficiary, executor, or trustee. After a divorce, you’ll probably want to remove your ex from those roles—and update any provisions that might inadvertently still benefit them.

2. Birth or Adoption of a Child (or Grandchild)
Adding a new family member is a big reason to update your plan. You may want to name them as a beneficiary, set up a trust for their future care or education, or designate a legal guardian in your will. If you already have a trust, you might need to amend its terms to include new descendants automatically.

3. Death of a Beneficiary or Fiduciary
If someone named in your will or trust dies—whether it’s a beneficiary, executor, trustee, guardian, or power of attorney—you should revise your documents to name replacements. Otherwise, your estate could end up in the hands of someone you never intended or in legal limbo.

4. Substantial Change in Assets
If you’ve experienced a significant increase or decrease in wealth, inherited property, started a business, or sold a major asset like a home or investment property, your estate plan should reflect those changes. For example, if you started a business, you might want to set up a succession plan or move business interests into a revocable trust. If you sold a property that was mentioned in your will, you’ll need to remove it or change the designated replacement asset.

5. Moving to a Different State
Estate laws vary widely by state. What’s valid and efficient in one state might not hold up or could be problematic in another. If you move, especially to a state with different probate or community property laws, consult a local estate attorney to review your documents and adapt them accordingly.

6. Changes in Tax Laws
Estate and gift tax laws change regularly at both the federal and state level. An estate plan created under one tax regime may be outdated under another. For high-net-worth individuals especially, these changes can dramatically affect how much your heirs receive and how much goes to the IRS. Even if you’re not ultra-wealthy, state-level inheritance or estate taxes could still apply and require planning.

7. Change in Your Wishes
Over time, your personal relationships and priorities might shift. Maybe you no longer want a sibling to serve as trustee, or you’ve grown closer to someone you’d now like to name as a beneficiary. Updating your plan ensures your assets go to the right people and are handled the way you intend.

8. Retirement or Major Life Transition
Retirement often comes with changes in income sources, financial priorities, and long-term care planning. It’s a good time to reevaluate who’s managing your affairs (in case of incapacity), how assets are distributed, and whether your estate can cover potential medical or nursing costs. This might also include updating beneficiary designations on retirement accounts to sync with your will or trust.

9. Minor Children Become Adults
Once your children turn 18, you might want to revise guardianship provisions and consider naming them in roles such as health care proxies, powers of attorney, or even successor trustees. You may also want to change how they inherit—whether they receive assets outright or in a staged trust structure.

10. You Create or Update a Business
If you’ve launched, acquired, or restructured a business, it’s crucial to incorporate that into your estate plan. Consider a business succession plan, how shares will be passed down, and tax implications for heirs.

11. A Change in Your Health or Capacity
If you’re diagnosed with a serious illness or develop a condition that could affect mental capacity, updating your documents—especially powers of attorney, living wills, and healthcare proxies—should be a priority. Ensuring someone you trust can manage your medical and financial affairs becomes essential.

12. Beneficiary Designation Conflicts
Sometimes, your will or trust may say one thing, but your life insurance or retirement accounts have outdated beneficiary designations. These assets pass outside the will or trust—so if they don’t match, the wrong person could receive them. It’s good practice to regularly review and align these designations.

Other Situational Triggers to Revisit Your Plan:

• You receive a large settlement or windfall
• You’ve made or want to make large charitable donations
• You want to set up education trusts or 529 plans for descendants
• A guardian or trustee moves away or becomes unavailable
• You want to protect assets from potential creditors or lawsuits

In short, any significant change in family, finances, law, or personal preference is reason enough to revisit your estate plan. You don’t need to overhaul everything each time, but updating a few key sections could make all the difference in protecting your legacy and avoiding unintended consequences.

If it’s been more than three years since your last review—or if you’ve experienced anything on this list—it’s time. Estate planning is a living process. Treat it that way.

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