Do You Update Your Estate Plan as Often as Your Resume?

A resume is a snapshot of your experience, skill set, and education that provides prospective employers insight into who you are and how you will perform. Imagine not updating your resume for five, ten, or even fifteen years. Would it accurately reflect your professional abilities? Would it do what you want it to do? Probably not. Estate plans are similar.

An estate plan isn’t a static document—it evolves with life changes and shifting financial circumstances. Whether you’ve experienced a major life event or it’s been years since your last review, the new year provides an opportunity to ensure that your estate plan remains accurate and effective. Taking time to update your plan can prevent potential legal challenges and provide peace of mind for you and your loved ones.

Why You Should Regularly Review Your Estate Plan 

Life doesn’t stand still, and neither should your estate plan. Changes in family, finances and laws can significantly impact its effectiveness. Regular reviews ensure that your plan aligns with your current circumstances. Scheduling time each year to examine your goals, establish a clear strategy and ensure that your estate and financial plans will help you achieve your objectives is essential.  Failing to review your estate plan could result in outdated beneficiaries, unintended heirs, or tax inefficiencies. A proactive approach ensures that your legacy is protected, and your wishes are honored. 

When Should Your Estate Plan Be Updated?

Most trust attorneys recommend reviewing an estate plan after major life events—such as marriage, divorce, the birth of a child, or the passing of a loved one. Significant financial changes, like buying property or receiving an inheritance, may also require adjustments to asset distribution or tax planning strategies.  At Kristine Romano Law, we recommend reviewing your estate plan every three to five years (even if nothing major has changed).

If it’s been a while since you looked at your estate plan, you’re not alone. Many clients come to us unsure whether their documents are still valid—or still reflect their values. That’s where trust lawyers near me can make a big difference.

Benefits of Regular Estate Plan Reviews

1. Protect Your Loved Ones

An outdated plan can create confusion, delays, and even disputes among family members. Reviewing your plan helps ensure that your intentions are clearly spelled out and that the people you trust most are still in the right roles.

2. Keep Up with the Law

Laws around taxes, trusts, and estate planning change frequently. What worked in your plan five years ago may not be the most effective strategy today. A trust lawyer can help you navigate these changes to minimize tax exposure and protect your beneficiaries.

3. Reflect Changes in Your Life

Life has a way of surprising us. Maybe a child has grown up and become more financially responsible—or maybe they’re struggling and need safeguards in place. Perhaps someone you once named as an agent or trustee is no longer the right fit. Reviewing your estate plan ensures it reflects today’s realities, not yesterday’s assumptions. Read our article, 7 Reasons to Update Your Will for 2025 for a guide for how updating your estate plan impacts your life.

What Happens During an Estate Plan Review?

At Kristine Romano Law, we make estate plan reviews simple and stress-free. Here’s what you can expect:

• Gather your documents: We start by looking at your existing plan—your trust, will, powers of attorney, and more.
• Discuss life changes: We’ll talk about what’s changed since your last update.
• Evaluate your goals: Do your current documents still reflect your wishes for asset distribution, medical care, and more?
• Recommend updates: If changes are needed, we’ll help you make them legally sound and easy to understand.
• Give you peace of mind: Our goal is to take the uncertainty out of the process and ensure everything is in place for the future.

Let’s Make Sure Your Estate Plan Works When You Need It

Your estate plan should work for you—not against you. Keeping it updated ensures your legacy is protected, your wishes are honored, and your loved ones are cared for when it matters most.

Whether it’s been years since your last review or you’ve recently experienced a life change, we’re here to help. At Kristine Romano Law, our team combines professionalism with compassion. We explain complex topics in plain language and walk with you every step of the way. So when you search for trust lawyers near me, know that our door is always open—and we’re ready to help you build peace of mind that lasts a lifetime. Ready to review your plan? Contact Kristine Romano Law for a consultation to get started.

Reference: Morgan Stanley (Nov. 18, 2024) “6 Financially Smart Ways to Start 2025”