5 Best Practices for Updating Your Estate Plan  

5 Best Practices for Updating Your Estate Plan  

Estate planning is one of the most important steps toward ensuring that your legacy, assets, and loved ones are protected. Yet, an estate plan is not a “set it and forget it” document. Life changes, laws evolve, and your financial status may shift—your estate plan should reflect these changes.  

At Andrea Heckman Law, we’ve spent years helping individuals and families create, review, and refine estate plans that bring peace of mind. Below, we outline our five recommended practices for updating your estate plan to keep it as comprehensive and effective as possible.  

1. Regularly Review Your Assets and Beneficiaries

Your assets and accounts will likely evolve over the years. For example, you may acquire property, change financial institutions, or open new investment accounts. Similarly, your relationships with beneficiaries might shift—new family members may arrive, or your circumstances with certain individuals may change.  

Updating your estate plan regularly ensures your assets are accurately reflected and distributed as intended. Some tips for this include:

• Updating the names of beneficiaries on retirement accounts, insurance policies, and bank accounts.  
• Verifying asset ownership (e.g., real estate titles should reflect trust ownership if applicable).  
• Considering secondary or contingent beneficiaries if your primary choices are no longer available.  

A regular review of your estate plan every three to five years is a good rule of thumb—or sooner, depending on significant life or financial changes.  

2. Update Documents to Reflect Life Changes

Life doesn’t stay still, and your estate plan shouldn’t either. One of the most common reasons plans become outdated is life events. Common situations that call for an update include:

• Marriage or Divorce: Update your will, trust, or powers of attorney to reflect your new marital status.  
• Birth or Adoption: A new child or grandchild should be included as a beneficiary or even named as a guardian if needed.  
• Passing of Family Members: A beneficiary, executor, or trustee’s death must be reflected promptly to avoid complications.  
• Relocation: If you move to another state, work with an estate lawyer to ensure your documents comply with your new state’s laws.  

Each of these moments is an opportunity to reflect on how your estate plan aligns with your current goals and values.  

3. Consider Tax and Legal Changes

Estate planning laws, particularly those involving taxes, are complex and prone to legislative changes. For instance, federal estate tax exemptions can shift, and state laws surrounding inheritance, trusts, and probate frequently change.  

An outdated estate plan may inadvertently subject your estate to unnecessary taxes or create logistical barriers for your heirs. To stay ahead, consider the following:

• Stay informed on federal and state tax thresholds for estate taxes.
• Confirm that your power of attorney, healthcare directive, and will comply with current laws.  
• Work with a seasoned attorney to avoid these potential pitfalls.  

Updating your plan with new legal and tax information ensures that your family faces fewer financial complications down the road.  

4. Communicate with Family and Beneficiaries

Estate plans don’t just involve documents—they involve people, too. Regular communication with your loved ones about your intentions can prevent misunderstandings, disputes, and unnecessary surprises after your passing.  

Here’s what to communicate with your family and key beneficiaries:

• Where to access key documents like your will, trust, and powers of attorney.  
• Who you’ve named in important roles, such as executor, trustee, or healthcare proxy.  
• How your assets will be distributed, especially if unequal distributions or special conditions are involved.  

Consider sitting down with your heirs to share the reasoning behind your decisions. This transparency fosters trust and lessens the emotional burden during challenging times.  

5. Seek Professional Guidance

While you may be tempted to use online estate planning tools for updates, nothing beats having an experienced estate attorney guide you. Complex family structures, significant assets, or blended families can involve nuanced considerations and potential challenges.  

Some benefits of professional assistance include:

• Tailored updates designed to align with your unique goals and values.  
• Clear, legally compliant documents that reflect current laws and minimize risks of challenges in probate.  
• Advice on trusts, gifting strategies, or methods to reduce unnecessary taxes to optimize your estate plan’s effectiveness.  

Keeping Your Estate Plan Current is Peace of Mind

Your estate plan is a living document—evolving alongside your life, finances, and loved ones. By following these best practices—regularly reviewing assets, integrating life changes, staying informed on taxes and laws, maintaining clear communication, and partnering with a trusted legal guide—you’ll ensure your estate plan protects your legacy and reduces burdens on your loved ones.  

If it’s been a few years since your last update, or if you’re unsure where to begin, reach out to Andrea Heckman Law. Our team of compassionate attorneys is here to guide you every step of the way. Schedule a consultation today to ensure your estate plan is the best it can be.