How Often Should You Review Your Estate Plan? A Year-by-Year Guide
An estate plan is not something you create once and forget. Life changes, laws change, and your financial situation changes over time. That means your will, trust, and other estate documents need regular updates. Reviewing your plan often helps protect your family, keep your wishes clear, and avoid problems later.
Here’s a simple year-by-year guide to help you know when and how often to review your estate plan.
Article Summary
- Why estate plans need regular reviews
- Annual estate plan check-ins
- Every 3 years: a deeper look at your documents
- Every 5 years: adjust for legal and financial changes
- Major life events that trigger an immediate review
- What to include in your review checklist
- Extra risks of not updating your plan
- Why working with an estate planning lawyer helps
- Final thoughts
1. Why Estate Plans Need Regular Reviews
An outdated estate plan can cause confusion, disputes, or even court battles. For example, if you forget to update beneficiaries after a divorce, assets may go to the wrong person. Reviewing your plan keeps it aligned with your life, your family, and current Wisconsin law.
If you’re not sure whether your plan needs changes, read 7 Signs It Is Time to Update Your Estate Plan for helpful insight.
2. Annual Estate Plan Check-Ins
Once a year, set aside time to glance over your estate plan. This can be as simple as checking:
- Are your beneficiaries still correct?
- Have your assets changed (new accounts, property, or business interests)?
- Do you still trust the person you named as your executor or power of attorney?
These yearly check-ins prevent small oversights from becoming big problems. Families with young children should be especially mindful—see Why Young Families Need to Update Their Estate Plan Regularly to understand why early updates are so important.
3. Every 3 Years: A Deeper Look at Your Documents
Every three years, review your documents in detail. This means looking closely at:
- Your will and trust language
- Your healthcare directive and living will
- Your durable power of attorney
- Guardianship designations for minor children
By doing this, you’ll catch issues you might have missed in yearly reviews. Even if nothing big has changed in your life, laws or tax rules may have shifted.
4. Every 5 Years: Adjust for Legal and Financial Changes
Laws around taxes, inheritance, and retirement accounts change often. Reviewing your estate plan every five years helps you:
- Update documents for new state or federal laws
- Adjust tax strategies for your assets
- Reconsider your retirement plan distributions
- Review your insurance coverage and policies
Working with a Wauwatosa planning attorney makes these five-year reviews easier, since they stay on top of legal changes for you.
5. Major Life Events That Trigger an Immediate Review
Don’t wait for a yearly review if you’ve had a major life change. Update your estate plan right away if you:
- Get married or divorced
- Welcome a new child or grandchild
- Lose a spouse or another close family member
- Buy or sell a home, business, or major asset
- Move to another state
- Experience a serious health diagnosis
Life can change fast, and your estate plan needs to keep up. If you’re starting fresh, here’s how to prepare for estate planning to make the process less stressful.
6. What to Include in Your Review Checklist
When reviewing your plan, make sure to check:
- Beneficiary designations on life insurance and retirement accounts
- Titles on property and bank accounts
- Your will and trust documents
- Your healthcare and financial powers of attorney
- Guardianship clauses (if you have minor children)
Keeping a simple checklist ensures nothing is overlooked.
7. Extra Risks of Not Updating Your Plan
Failing to review your estate plan can lead to costly problems, including:
- Assets going to the wrong people if beneficiaries are outdated.
- Family disputes if wills or trusts don’t reflect current wishes.
- Tax penalties if your plan doesn’t account for new laws.
- Court involvement if guardianship or executorship roles are unclear.
These mistakes are avoidable with regular reviews. Think of your estate plan as a living document that needs care, just like your financial accounts or insurance policies.
8. Why Working With an Estate Planning Lawyer Helps
Estate planning can feel overwhelming. A skilled estate planning lawyer can:
- Keep your documents legally valid and up-to-date
- Explain how new laws affect your estate
- Help avoid conflicts between family members
- Ensure your assets are protected and distributed according to your wishes
Instead of trying to manage everything alone, partnering with an attorney gives you peace of mind.
9. Final Thoughts
Your estate plan is a living set of documents. It should grow and change with you, reflecting your family, your finances, and your future goals. A quick annual check, a more detailed review every few years, and immediate updates after life events can save your loved ones from stress and confusion later on.
Regular updates also give you peace of mind. You know that your wishes will be honored, your assets will be divided fairly, and your loved ones will be protected. Even small changes, like updating beneficiaries on a retirement account, can make a big difference.
At Margerie Law, we make reviewing and updating your estate plan straightforward and stress-free. Our goal is to help Wisconsin families feel confident that their future is secure with help from our experienced Milwaukee estate planning attorneys. . If it has been a year—or longer—since you last looked at your estate plan, now is the perfect time to schedule a review. Reach out to Margerie Law today!
By Paul Margerie, Owner of Margerie Law
Paul Margerie of Margerie Law is a knowledgeable and experienced estate planning attorney based in Wauwatosa, WI. With years of experience helping families and individuals with their estate plans, he offers a gentle touch that puts his clients at ease. He understands the sensitive nature of this work and ensures that all details are taken care of with precision and accuracy. He strives to help each client achieve peace of mind that their future is protected by providing personalized advice and creating tailor-made solutions that fit their individual needs.
