When Should You Update Your Estate Plan?
A Guide to Keeping Your Plan Current

When was the last time you looked at your estate plan? If you have to stop and think about it, there’s a good chance it’s time for a review.

Many people think estate planning is something they do once, put in a safe place, and never think about again.

The truth is, your estate plan should grow and change as your life changes.

That’s why I offer a complimentary 30-minute estate plan review. Whether your documents were prepared by my office or another attorney, we’ll discuss your current situation, identify any areas that may need attention, and determine whether your estate plan still reflects your wishes and today’s laws. Sometimes you’ll leave with the peace of mind of knowing everything is still in great shape. Other times, we’ll identify opportunities to better protect you and your loved ones.

Over the years, I’ve reviewed estate plans of every age. Some needed only minor updates, while others no longer reflected the client’s family, finances, goals, or changes in the law.

Creating an estate plan is only the first step. Reviewing it from time to time helps ensure it continues to protect the people you love.

A Good Rule of Thumb: Review Every 3 to 5 Years

Even if nothing major has changed, I generally recommend reviewing your estate plan every three to five years. Families change and grow. Children grow older. Assets change. Your career changes. Laws change. Sometimes your priorities simply change.

One of the most common questions I hear is, “Do I really need to update my estate plan if nothing has changed?” Sometimes the answer is no. Other times, a simple update can make a big difference.

A review doesn’t always mean starting over. Many times, we simply confirm that everything is still exactly as it should be, giving you peace of mind.

Major Life Events That Should Trigger a Review

Think about where you were when you signed your estate plan. Have you gotten married or divorced? Welcomed a new child or grandchild? Has one of your children reached adulthood? Have you moved, bought a new home, started or sold a business, or retired?

Maybe you’ve experienced the loss of someone you named as a beneficiary, trustee, executor, or agent under your powers of attorney. Or perhaps your financial situation has changed significantly, whether through an inheritance, a new business opportunity, or years of building your savings.

Any one of these events is a good reason to pull your estate plan off the shelf and take another look. Even if your documents are still legally valid, they may no longer reflect your family, your finances, or the goals that matter most to you today.

Your Estate Plan Should Change as Laws Change

Even if your personal life hasn’t changed, the laws that affect your estate plan might have.

One of the biggest misconceptions I hear is, “Nothing has changed in my life, so my estate plan must still be fine.” The reality is that estate planning isn’t just about your family and your assets. It’s also about making sure your documents keep pace with changes in the law, evolving best practices, and the real-world issues that arise when those documents are actually needed.

For example, Illinois updated its laws governing how financial institutions and other third parties work with Powers of Attorney for Property beginning in January 2024. While the statutory form itself did not change, the law surrounding its acceptance and use did. In response to those changes, I’ve continued to refine and enhance my own Power of Attorney for Property documents to help address practical issues that can arise and to improve the likelihood that they will function as intended when they’re needed most.

I take a similar approach with Powers of Attorney for Health Care. Rather than relying solely on the statutory form, I include additional provisions that I’ve developed through years of practice to make the document more practical, more comprehensive, and better tailored to my clients’ needs.

Illinois also recently enacted the **End-of-Life Options for Terminally Ill Patients Act**, which takes effect in September 2026. While this law will not affect every client, it has prompted many people to revisit their advance directives, health care powers of attorney, and end-of-life wishes to make sure their documents still reflect their personal values and goals.

Tax laws continue to evolve as well. One area that is often overlooked involves inherited retirement accounts. Proper trust provisions can help avoid unintended tax consequences, including situations where beneficiaries may be required to withdraw inherited retirement funds more quickly than expected, potentially increasing their overall tax burden.

These are just a few examples of why estate planning isn’t something that should be done once and forgotten. While older estate planning documents are often still legally valid, they may not include newer planning strategies, updated language, or provisions that reflect changes in the law and today’s best practices.

That’s why I encourage clients to review their estate plan every few years. Sometimes we’ll confirm that everything is still in great shape. Other times, a few thoughtful updates can make a meaningful difference for you and your family.

Sometimes Life Doesn’t Change. Your Priorities Do.

Not every update is prompted by a major life event. Sometimes people simply change their minds. Maybe you’ve become closer with one child than another. Perhaps someone you once trusted is no longer the right choice to serve as your executor, trustee, or your agent for your powers of attorney. Maybe you now have grandchildren, or you’ve decided to leave a gift to a favorite charity or friend.

Your estate plan should reflect the life you’re living today, not the life you were living ten years ago.

Estate Plans Created During Difficult Times

I’ve found that many people create an estate plan during one of the hardest seasons of their lives. After the loss of a loved one, a serious illness, or another unexpected life event, people often realize it’s time to put a plan in place. That’s a smart decision, but it can also be a time when emotions are running high and you’re simply trying to get through each day.
Months or years later, after life has settled down, it’s not unusual to realize your wishes have changed. You may want different people serving in important roles, or you may want to change how your assets are distributed.

If your estate plan was created during a particularly emotional time, it’s worth reviewing to make sure it still reflects what you want today.

Don’t Forget About Your Beneficiary Designations

One of the most common oversights I see isn’t actually inside the estate plan. Beneficiary designations on retirement accounts, annuities, life insurance policies, and payable on death or transfer on death accounts usually control who receives those assets, regardless of what your will or trust says. I’ve seen people carefully update their estate plan but forget about an old beneficiary designation that still named an ex-spouse or another person they no longer intended to inherit.

Reviewing these designations whenever you review your estate plan helps ensure everything works together the way you intend.

What Happens During an Estate Plan Review?

Some people put off scheduling a review because they assume they’ll have to start over from scratch.
Fortunately, that’s rarely the case.

During a review, we’ll discuss any changes in your family, finances, goals, and the law. We’ll also review your beneficiary designations and make sure the people you’ve chosen to serve as your trustee, executor, guardian, and agents under your powers of attorney are still the right choices.

We’ll talk about any new assets you’ve acquired, changes in your business interests, and, when appropriate, your digital assets and online accounts.
Sometimes no changes are needed at all. Other times, a few updated documents are all that’s necessary.

If your trust only needs a few changes, we can often accomplish that with a Trust Amendment. A trust amendment allows you to update specific provisions, such as changing a trustee, adding or removing beneficiaries, or revising how certain assets will be distributed, while leaving the rest of your trust intact.

If your trust has gone through multiple amendments over the years or requires more significant revisions, a Trust Restatement may be the better option. A restatement replaces the text of your existing trust with a newly updated version while keeping the original trust name and date. In most cases, this means you don’t have to retitle your assets into a brand-new trust because the trust itself remains the same.

The goal is always to recommend the approach that best fits your circumstances. Sometimes that’s a simple amendment. Sometimes a complete restatement provides a cleaner and more effective solution. And occasionally, we’ll determine that your estate plan is already in great shape and no changes are needed.

Your Estate Plan Should Grow With You

Most people don’t stay the same throughout their lives. Families grow, careers change, financial situations evolve, and priorities shift. Your estate plan should change with you.

A periodic review helps ensure your plan still reflects your wishes, protects the people you care about, and gives your loved ones clear guidance when they need it most.

Final Thoughts

You don’t have to wait for a major life event to review your estate plan. If it’s been several years since your documents were prepared, or you’re simply not sure whether they still reflect your wishes, it’s worth taking another look.

At AMC Legal, P.C., I believe estate planning is an ongoing process, not a one-time transaction. Whether your plan was created last year or twenty years ago, I’d be honored to review your documents, answer your questions, and help ensure your estate plan continues to protect the people and goals that matter most to you.

If it’s been several years since you’ve reviewed your estate plan, or if you’re simply wondering whether it still meets your needs, I’d be happy to help. Schedule your complimentary 30-minute estate plan review today. Together, we’ll determine whether your documents are still accomplishing what you want them to do or whether a few thoughtful updates could provide greater protection and peace of mind for you and your family.