The Short Answer

Many estate planning professionals suggest that you review and, if needed, update your estate plan every three to five years, and promptly after any major change in your family, finances, residence, or applicable law. A review does not always lead to revisions, but it confirms that your documents, beneficiary designations, and account titling still reflect your wishes and work together as intended.

Estate plans can become outdated quietly. A will signed before the birth of a grandchild, a trustee who has since moved away, or a strategy designed around a previous tax law can all lead to outcomes that differ from what you intended.

Why Do Estate Plans Become Outdated?

An estate plan is built on facts that change over time: who is in your family, what you own, where you live, who you trust to serve in key roles, and how tax laws treat transfers. When those facts change, the plan may no longer accomplish its goals.

Tax law is a frequent example. Federal estate and gift tax exemptions have changed significantly over the past two decades, and strategies that made sense under one set of rules may be unnecessary or inefficient under another. Newport’s article on reasons to review your estate plan illustrates how changes in exemption levels can affect planning.

Which Life Events Should Prompt a Review?

Consider reviewing your plan after any of the following:

  • Marriage, divorce, or remarriage
  • The birth or adoption of a child or grandchild
  • The death or incapacity of a spouse, beneficiary, executor, or trustee
  • A significant change in net worth, such as an inheritance, business sale, or large gift
  • Starting, acquiring, or selling a business
  • Moving to a different state, which may affect how documents are interpreted and how state estate or inheritance taxes apply
  • A change in health
  • A child reaching adulthood, which may change guardianship and trust provisions
  • Major changes in federal or state tax law

What Should a Review Include?

A thorough review looks beyond the will itself.

Core Documents

Review your will, revocable trust, durable powers of attorney, and healthcare directives. Confirm that the people named as executors, trustees, agents, and guardians are still appropriate and willing to serve.

Beneficiary Designations

Retirement accounts, life insurance, and annuities pass by beneficiary designation, not by your will. These designations should be checked regularly to ensure they align with your estate plan. Our resource on how beneficiary designations work with your estate plan explains why this step is so important.

Account Titling

How accounts and property are titled, individually, jointly, or in a trust, determines how they pass. A revocable trust can only control assets that have been retitled into it.

Tax Strategy

Confirm whether your plan still makes sense under current federal and state tax rules, and whether gifting, trust, or charitable strategies should be revisited. Newport’s article on whether to use a trust in your planning discusses some common considerations.

Family Communication

Consider whether your heirs understand your intentions. Clear communication can reduce confusion and conflict later. Newport has written about how much money to leave your kids and how to approach those conversations.

Who Should Be Involved?

Estate planning is most effective when your estate attorney, CPA, and financial adviser coordinate. The attorney drafts and updates legal documents; the CPA evaluates tax implications; and the adviser helps clarify goals, models outcomes, and confirms that beneficiary designations and account titling are consistent with the plan.

The Takeaway

An estate plan is not a one-time project. Periodic reviews, along with prompt attention after major life or tax changes, help ensure your plan continues to protect your family and reflect your wishes. If it has been several years since your documents were reviewed, Newport’s families team can help coordinate a review with your attorney and CPA.

This article is provided for educational purposes only and is not individualized investment, tax, or legal advice. Please consult qualified professionals about your specific circumstances and review our disclosures.