I know people wish that they could create their estate plan and be done with it. But that isn’t the case and, in fact, can prove quite disastrous. Read on for the author’s take on that. This article is from Kiplinger, was written by Denise McClain, JD, CPA, and was published online 8/8/2025.
“When did you last review your will? Before kids? Before a big move? An update is essential, but regular reviews are even better. Here’s why.
Even the best-drafted estate plan isn’t “set it and forget it.” Your life changes over time — with marriages, births, moves and wealth accumulation — and your estate plan should evolve accordingly.
To ensure your wishes are properly executed and your loved ones are protected, it’s essential to revisit your will, trusts and related documents regularly, ideally every few years or after major life events.
If you relocate to a different state, your existing estate plan documents may no longer align with local laws. Estate and probate rules vary widely across state lines, and some offer tax benefits — or pitfalls — that could materially affect your planning.
It’s advisable to meet with an attorney in your new state of residence to learn the nuances related to transferring assets in that state.
Changing circumstances
As you get older, your wishes are likely to be impacted by developments in your personal life, such as marriages, births, growing older and deaths.
For instance, if you have younger children, one of the most important decisions you make is who to appoint as a guardian if you pass away while your children are minors.
Your selection may change as children age or if the original guardian is no longer the best fit due to health, location or personal circumstances.
Likewise, you may decide to alter the executor (or personal representative) of your will or trustee of your trust. Any number of circumstances can influence this decision, such as the person’s availability, impartiality, proximity, financial acumen, mental faculty or own situation.
If your estate grows in complexity, you might consider a professional executor rather than a family member or trusted friend.
New assets
As your assets grow, your estate plan should keep pace. A second home, a valuable collection or even digital assets like cryptocurrency should be accounted for in your will or trust if you want a specific person to receive a particular asset.
If you purchase additional property, for example, you will want to make clear who inherits it and make sure you understand how it will be transferred. Clarity here can spare your heirs confusion and ensure your intentions are honored.
If you’ve established a trust, you should consider drafting a pour-over will, a separate legal document that ensures any remaining assets not explicitly named in your will transfer to the trust after you pass away.
While pour-over wills must still go through the probate process, they serve as a mechanism for passing all your assets to your intended beneficiaries.
Regulatory environment
Tax laws and estate regulations shift more often than many realize and changes can have a material impact on your estate plan.
Having an attorney review your documents through a current legal lens ensures your plan remains not just valid, but optimal.
Make updates a habit
An estate plan is not a one-time task — it’s a set of living documents that should evolve along with your life circumstances.
As your family grows, your wealth expands, or your location changes, taking the time to revisit your will, trusts and related documents and plans helps ensure your intentions are honored and your loved ones are protected.
Regular check-ins with a trusted adviser can help you stay ahead of legal changes, avoid costly oversights and bring confidence that your legacy will be carried out just as you intended.”
I offer a complimentary review of my clients’ estate plan every three years. I do this to encourage them to take the time to ensure their plan still aligns with their goals. It is surprising how much can change in 3 years, or less. Divorce, new baby, new job, even a move to another state. All of these events and many more can impact your plans. An outdated plan can result in unpleasant surprises for your loved ones. Don’t let that happen. If it is time to review your plan, I invite you to call me to schedule a meeting. I’d be honored to help ensure you do everything you can to protect your hard-earned assets and your loved ones. My phone number is 513-399-7526. Or, if you prefer, visit my website, www.davidlefton.com, for more information about me and the services I provide. You can schedule a meeting directly from the site.
Source: Kiplinger, written by Denise McClain, JD, CPA published online 8/8/2025.