Working on your estate plan? After finally writing your will, you may feel relieved to have it behind you. But outdated instructions can leave someone out, distribute property in ways you no longer intend, and contribute to family disagreements over inheritance.
If your will took effect today, would it still accomplish what you want?
Don’t wait for an emergency to find out — a regular review schedule can help you plan and prepare for major life changes. Below are some top reasons that call for estate plan updates.
Trigger Events
You don’t need to rewrite your will every year — a review every three to five years is sufficient. However, specific personal and financial changes should automatically trigger an update.
Life Changes
Life changes like marriage, divorce, birth, or adoption can all change how you want to divide your estate. Updates are especially important for blended families and remarriage, to prevent family conflict or accidental disinheritance. For example, you may want to support your spouse while preserving an inheritance for your children.
Your beneficiaries’ lives can change as well. They may have passed away or developed new needs. For example, if a loved one now struggles with addiction or managing money, an outright inheritance may no longer offer the right support.
A disability can require different arrangements, however, especially when an inheritance affects eligibility for means-tested benefits. If you’re not careful, a direct inheritance can accidentally disqualify a loved one from government benefits like Medicaid or Supplemental Security Income (SSI).
Our Philosophy
Our Philosophy
Estate planning goes beyond money, and includes intellectual, spiritual and human wealth.
Property and Gifting
Suppose you left your home to one child and savings to another. If the home’s value rises substantially while you spend down savings, those gifts may become unequal in ways you never intended.
Selling property can also change your distributions. If you sell a home before your death, it could trigger what’s known as ademption by extinction — when a gift fails because it’s no longer part of an estate at death.
If a property is sold after your death, the proceeds are distributed according to your will and applicable law, minus estate debts and expenses.
Executors
The person you chose as executor may have been a good fit years ago. But today, their health, availability, or relationship with you may have changed.
Whoever has authority to act for you during your lifetime may need a review too. That appointment belongs in a power of attorney, which is separate from your will. Changing your executor doesn’t automatically change your power of attorney agent; the relevant document must be addressed separately.
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Relocation
Moving across state lines doesn’t invalidate a properly executed will. However, differences in estate laws can affect how your plan works.
While moving from a community property state to a common law state generally preserves jointly owned assets, relocating to a high-tax state can reduce your beneficiaries’ inheritance. And keeping real estate in both your old and new state can force your family into multi-state (ancillary) probate.
Furthermore, if you’re moving internationally, inheritance rules, property ownership, and estate administration differ substantially. A U.S. will may not address everything required abroad, and any documents covering assets in different countries need to work together.
Staying Current
While a three-to-five-year update is recommended, sometimes periodic reviews aren’t enough. A sudden windfall, liquidated asset, or business sale can change your tax exposure overnight. Similarly, tax law changes to federal exemption limits or state estate/inheritance tax can trigger unintended tax consequences.
When your wealth shifts, you need more than simple attorney check-ins. Attorney Rodney Hatley helps clients preserve and maintain their wealth before and after death. Whether it’s document audits or advanced tax planning, we create living legacies that protect your entire estate.
Remember, an estate plan isn’t a one-time task. It’s a flexible, adaptable framework that safeguards your tomorrow, today.
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