When to Review Your Estate Plan (and Why it Matters!)
Your estate plan is not something you create once and forget. Life changes, and when it does, your plan should change with it.
At Your Home Legal, we recommend reviewing your plan every three to five years, or sooner if something significant happens. Think of it as a routine check-up for your future, a simple way to catch small issues before they turn into big ones.
Major life events are also a sign that it is time to reach out. Here is when to give us a call.
Marriage
Congratulations! A new marriage changes how you share and manage finances, property, and priorities. You will want to update your will or trust, beneficiary designations (retirement, life insurance, and investment accounts), and your financial and medical powers of attorney.
If this is a second marriage or you have children from a prior relationship, these updates are especially important to make sure everyone is protected the way you intend, not the way the law assumes.
Birth or Adoption
Welcoming a child changes everything. Name guardians, decide how and when your child would receive an inheritance, and make sure your estate plan provides for their care and future.
No one likes to think about worst-case scenarios, but estate planning exists to give you peace of mind that your child will always be cared for, no matter what happens.
New Job or Career Change
A new job often brings new income, benefits, and accounts. Each can affect your plan. Update your beneficiary forms, check how your retirement plan fits into your estate strategy, and make sure your plan reflects any major change in your financial situation.
Job Loss or Career Pause
Job loss or a break in employment can change your benefits, insurance, and overall financial picture. Review your plan to confirm your coverage still works as intended and that you are not relying on benefits that no longer exist.
Retirement
You have earned it! Retirement brings more time, new priorities, and different financial needs. As you begin using retirement assets, make sure your plan keeps up. Powers of attorney and health care directives become especially important if you are traveling more or spending long periods away from home.
Acquiring Real Estate
Buying real estate is one of the most common times when an estate plan needs an update. A new property changes your financial picture and often requires title coordination with your trust or estate documents.
If you have a trust, your new property should typically be titled in the name of that trust. This helps avoid probate, maintain privacy, and ensure the property transfers according to your wishes.
If you are buying property with a partner, friend, or family member, ownership structure matters. We can help you decide how to hold title, prepare a co-ownership agreement if needed, and make sure the property aligns with your broader estate plan.
For clients buying vacation homes, rental properties, or out-of-state real estate, we can also coordinate with local counsel to confirm compliance with each state’s laws.
Moving (Especially to a new state)
Estate planning laws vary by state. If you have moved, your documents may not function exactly as written. We can review your plan for California compliance or connect you with a local attorney if you have relocated elsewhere.
Divorce
Divorce is difficult, but it is also a critical time to protect your future. During your divorce, we can advise what changes you are allowed to make. After it is finalized, we will help you update your will or trust, remove your ex as a beneficiary, and name new decision-makers for your finances and health care.
If your marital agreement requires life insurance for support or child obligations, we will make sure that is properly integrated into your estate plan.
Death of a Loved One
After losing someone close, it can be hard to focus on paperwork. When you are ready, we can help you review your estate plan to remove the deceased person as a beneficiary or decision-maker and name replacements. It is also a good time to confirm that inheritances and successor roles still match your current wishes.
Receiving an Inheritance
An inheritance can significantly change your financial situation. You may need to retitle property, update beneficiaries, or adjust your strategy to include asset protection. We can help make sure your new assets fit seamlessly into your plan and remain protected for the long term.
Keep Your Plan Current
Whether life brings celebration or change, we are here to help you stay ready. Your estate plan is not a “set-and-forget” type of thing; even if nothing major has happened, reviewing your estate plan every few years is one of the simplest ways to protect your family and your future.
Schedule a complimentary estate plan review today to make sure your plan is still protecting what matters most.
