When to Update Your Estate Plan: Key Life Changes That Shouldn’t Be Ignored
You’ve taken the important step of creating your estate plan—your will, trust, and related documents are in place, and you can breathe a sigh of relief knowing your family is protected. But as the years go by, life changes—and your estate plan should change with it.
At Yanowitz Law Firm, PLLC, we know that revisiting your estate plan isn’t at the top of your to-do list. Life moves quickly, and family, work, and business responsibilities can easily take priority. That’s why we make it easy to review and update your plan when it matters most.
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Why Reviewing Your Estate Plan Matters
An estate plan is only as good as its accurate. If your plan no longer reflects your current circumstances—your family structure, financial picture, or wishes—it can lead to confusion or unintended outcomes later on.
That’s why we encourage clients to periodically ask, “Do I need to update my plan?”
At Yanowitz Law Firm, we’re here to guide you through that question. For our clients who have established a will or trust with us, we offer a free Estate Planning Tune-Up appointment if it has been more than three years since your last visit. If it’s been less than three years, you can still meet with us at a discounted rate to review your plan and make sure everything is current.
Life Events That May Trigger an Estate Plan Update
Certain changes in life can have a significant impact on your estate plan. Below are some of the most common situations that should prompt a review.
1. Changes in Marital Status
Marriage, separation, or divorce are major life events that can drastically affect your estate planning documents.
2. The Birth or Adoption of a Child
Adding a child to your family is a joyous occasion—and a key reason to revisit your estate plan.
3. Significant Financial Changes
A large increase or decrease in your assets can change the structure of your plan. Whether you’ve received an inheritance, sold a business, or experienced financial setbacks, your estate plan should reflect your current asset level.
4. Real Estate Purchases or Business Ventures
If you’ve purchased new real estate, started a business, or invested in property, these additions need to be titled and structured correctly within your plan. Failing to include them can unintentionally send valuable assets through probate or expose them to risk.
5. Moving to a New State
Each state has its own estate planning laws—and Minnesota’s laws may differ from those where your plan was originally created.
If you’ve recently relocated to Minnesota, it’s essential to have your documents reviewed to ensure they comply with state law and align with your new circumstances.
6. Major Health Changes
A serious medical diagnosis—especially one involving dementia, cognitive decline, or long-term incapacity—is a critical time to review your estate plan.
The best time to update your documents is right after diagnosis, when you still have full capacity to make decisions and adjust your wishes.
By addressing these issues early, you’ll have peace of mind knowing that your powers of attorney, healthcare directives, and trusts are all properly aligned with your current needs.
How Yanowitz Law Firm Supports You Every Step of the Way
At Yanowitz Law Firm, PLLC, our commitment doesn’t end when you sign your documents. We build lifelong relationships with our clients, helping them navigate the inevitable changes that come with time.
Whether it’s been three years or thirty, our attorneys are ready to guide you through every update, ensuring your estate plan remains comprehensive, compliant, and customized to your family’s needs.
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SCHEDULE A FREE 15 MINUTE CONSULTATIONFrequently Asked Questions
1. How often should I update my estate plan?
We recommend reviewing your plan every three years—or sooner if you experience a major life change such as marriage, divorce, relocation, or a significant financial event.
2. What if I created my estate plan in another state?
Because estate laws vary across all 50 states, it’s important to have your plan reviewed after moving to Minnesota to ensure it remains legally valid and effective.
3. Can I make small updates without redoing the whole plan?
Yes. Many changes can be handled through amendments or restatements to existing documents, allowing you to update your plan without starting from scratch.
Author
Claire creates wills and trusts which provide security and peace of mind. She compassionately listens to her clients’ dreams, goals, and fears and then fashions plans that best meet their needs. It is important to Claire that her clients understand different options and make decisions that are right for them. She loves to educate clients by drawing out complicated concepts.Come Visit Us! Conveniently Situated in Rochester, Minnesota
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