Reviewing and Updating Estate Plans: Why It’s a Must, Not a Maybe

Creating an estate plan is one of the most important things you can do to protect your family, your assets, and your wishes—but it’s not a one-and-done task. Life changes, and so should your estate plan.

Whether you created your estate plan five years ago or five months ago, regularly reviewing and updating it is critical to ensure it still reflects your current circumstances, relationships, and financial goals. An outdated estate plan can cause confusion, unintended outcomes, or even litigation.

Why Review Your Estate Plan?

An estate plan is a snapshot in time, but life isn’t static. Over the years, you may experience major life events, changes in wealth, or shifts in family dynamics that could affect your original plan.

Here are some of the most common reasons to update your estate plan:

1. Changes in Personal Circumstances

• Marriage or Divorce
  Getting married or divorced can significantly impact your beneficiaries and how assets should be distributed. An ex-spouse may still be listed as a beneficiary if documents aren’t updated.
• Birth or Adoption of Children or Grandchildren
  You may want to include new family members in your estate plan, establish guardianship provisions, or create trusts for minors.
• Death of a Beneficiary or Trustee
  If someone named in your plan has passed away or is no longer able to serve in their role, you’ll need to revise your documents.

2. Changes in Financial Situation or Assets

• Buying or Selling a Home
• Inheriting Property
• Starting or Selling a Business
• Significant Changes in Wealth

All of these can affect how your estate should be distributed or managed. You may need to update your trust, change how accounts are titled, or adjust your tax planning strategies.

3. Changes in Relationships

Relationships evolve. You may have lost touch with someone named in your plan, or perhaps someone close to you now deserves a greater role, such as serving as a successor trustee, power of attorney, or guardian for your children.

4. Changes in the Law

Estate planning laws — especially regarding estate taxes, gift exemptions, and retirement accounts — can impact your strategy. Working with an estate planning attorney helps ensure your plan remains legally sound and tax-efficient.

5. Relocating to Another State

Estate planning laws vary from state to state. If you’ve moved, especially to or from a community property state like Nevada, it’s essential to review how your documents align with local law.

Frequently Asked Questions (FAQs)

How Often Should You Review Your Estate Plan?

A good rule of thumb: review your estate plan every 5-7 years, or sooner if you’ve experienced any major life changes. Even if everything seems the same, a quick check-in with your estate planning attorney can confirm whether your plan is still working as intended.

Is It Time to Update Your Estate Plan?

At Jeffrey Burr, we make the review process simple and stress-free. Whether you need a quick update or a full overhaul, our team in Southern Nevada is here to ensure your plan reflects your life today, not five years ago. Contact us to schedule a consultation today.