How Often Should You Update Your Estate Plan?

Jeff Campbell, CFP®

If you’re like most families, you probably created your estate plan years ago, checked it off the list, and haven’t thought much about it since. You might even have a thick binder tucked in a drawer somewhere – a will, a trust, maybe a power of attorney – and you quietly assume (and hope) that everything is still in order.

Getting your estate plan up to date is one of the simplest ways to bring order to your finances and give your family peace of mind.

But life doesn’t stand still. Families grow, laws change, and your financial picture evolves. Over time, even the best estate plan drifts out of date, leaving gaps that could cause confusion or stress for your loved ones later – potentially when you aren’t around to help sort things out.

Keeping your plan current isn’t about complexity – it’s about clarity, control, and peace of mind.

Why Estate Plans Fall Out of Date

Estate plans age quietly. The changes that make them less accurate often don’t feel dramatic in the moment.

Family changes – births, deaths, marriages, divorces, or new grandchildren can shift how you want your estate distributed.
Financial changes – new accounts, home sales, business interests, or a large inheritance may not be reflected in your documents.
Legal or tax updates – estate and tax laws evolve, which can affect how trusts or bequests work.
Outdated roles – an executor, trustee, or guardian you named years ago might no longer be the best choice.

These changes often accumulate quietly until something happens – and that’s when gaps surface. No one wants their family sorting through old paperwork, unsure of what you meant to happen. The result can be unnecessary delays, conflict, or decisions that don’t reflect your intent.

When to Review Your Estate Plan

So, how often should you update your estate plan? A simple rhythm works well for most families: review it every three to five years, or any time a major life event occurs.

This doesn’t always mean rewriting everything – or even necessarily anything. Often it’s a light check-in, confirming that your documents still match your wishes and that your financial accounts are titled correctly and your beneficiary designations are appropriate.

Use these moments as reminders:

A new child or grandchild joins the family.
You retire or change jobs.
You buy or sell a home.
A key family member passes away or becomes ill.
You move to a new state.

Small adjustments along the way prevent bigger, more stressful overhauls later. They also give you a chance to reaffirm your intentions while life feels stable and calm.

What to Review in Your Estate Plan

You don’t need to be a lawyer to do a quick review. Here’s a simple checklist:

Confirm your beneficiaries on retirement accounts, life insurance, and other assets are up to date.
Review your will and/or trust to make sure distributions still reflect your wishes.
Check your powers of attorney and healthcare directives – are the people you’ve named still the right ones to act for you?
Look at how your financial accounts are titled – joint ownership and trust registration matter more than most people realize.
Make sure your executor or trustee is still willing and able to serve.

It can be helpful to keep a short estate snapshot – a one-page summary of key documents, contacts, and account locations – so your spouse or children know where to turn if something happens.

Not sure where to start – or has it been a few years since you last reviewed your documents?
Schedule a 20-Minute Clarity Call to talk through your estate planning next steps with a Parkwoods advisor.

Coordinate Across Your Team

Even a well-drafted estate plan can fall short if your documents, accounts, and intentions aren’t aligned. That’s where coordination matters.

Your financial advisor, estate attorney, and CPA each play a role – but the best results come when they’re in sync. At Parkwoods, we help families bring everything together, making sure your investment accounts, tax strategy, and estate plan all reflect one coherent picture of your goals and values.

You don’t need to navigate it alone. Regular reviews, done thoughtfully, keep your plan simple, clear, and effective.

Keeping Your Family Organized and Confident

Updating your estate plan isn’t about predicting the future – it’s about preparing your family to face it with confidence. Every small update you make today reduces the stress and confusion your loved ones might otherwise face tomorrow.

When your documents, accounts, and intentions all align, you gain something more valuable than any legal clause – lasting peace of mind for you and clarity for your family.