Creating a will or estate plan is an important step, but it is not something that should be done once and forgotten. Laws change, personal circumstances evolve, and assets shift over time. An outdated estate plan can create confusion, unintended outcomes, or additional legal hurdles for loved ones.
Understanding when and why to review your estate plan can help ensure your wishes remain clear and legally effective.
An estate plan reflects your intentions at a specific moment in time. As life changes, those intentions may no longer align with your current goals or family structure.
Even when no major events occur, reviewing your estate plan every few years helps confirm that documents remain accurate, compliant with current law, and properly coordinated with your assets.
Many estate planning concerns are identified not when documents are created, but years later when circumstances have changed and updates were never made.
Certain life events should always prompt a review of your will or estate plan. These include marriage, divorce, remarriage, or the death of a spouse. Changes in family structure often require updates to beneficiaries, executors, trustees, and guardianship provisions.
The birth or adoption of a child or grandchild is another important reason to revisit your plan. Estate documents should reflect how assets are distributed and who will manage affairs for minor children if necessary.
Significant changes in assets, such as purchasing real estate, selling a business, or receiving an inheritance, can also affect how an estate plan functions. These updates are often addressed during the Estate Planning process to ensure assets are titled correctly and coordinated with existing documents.
Relocating to a new state or owning property across state lines may require updates to your estate plan. Probate and estate laws differ between states, and documents drafted in one jurisdiction may not fully account for legal requirements in another.
For individuals who move between North Carolina and South Carolina or own property in both states, reviewing estate planning documents helps reduce the risk of unintended probate complications.
Over time, relationships change. An executor, trustee, or agent named years ago may no longer be the best choice due to age, health, location, or availability.
Updating your estate plan allows you to appoint individuals who are currently able and willing to serve in these roles. It also ensures powers of attorney and healthcare directives reflect your current preferences.
Outdated estate plans can lead to disputes among family members, delays in administration, or court involvement that could have been avoided. In some cases, documents may no longer reflect current laws or asset structures, making them less effective.
Issues are often discovered during Probate & Trust Administration, when families realize documents no longer align with the decedent’s intentions or circumstances.
As a general guideline, many individuals benefit from reviewing their estate plan every three to five years, even if no major changes have occurred. This periodic review helps confirm that documents remain valid and effective.
Life events, asset changes, or legal updates may require more immediate attention, but routine reviews help prevent surprises later.
Estate planning is an ongoing process, not a one-time task. Regular updates help ensure your plan continues to protect your family, address your assets, and reflect your wishes.
Nosal & Jeter, LLP assists clients in North Carolina and South Carolina with estate planning and estate administration matters, helping individuals review and update their plans as circumstances change.