How Often Should You Update Your Estate Plan?

Creating an estate plan is one of the most important steps you can take to protect your family, your assets, and your wishes. However, making it is only the beginning. Life changes, and so should your estate plan. It’s important to review and update regularly to ensure it still reflects your current goals, financial situation, and family dynamics.

So, how often should you update your estate plan? The short answer is every three to five years, and any time there’s a major life change. Let’s break it down a little more.

Every Three to Five Years

Even if nothing major has changed in your life, it’s a good idea to sit down with your estate planning attorney every three to five years to review your documents. In Michigan, updates in estate or probate law might affect how your assets pass or how your plan is administered. Tax codes may change. Things you thought you wanted, such as who your executor is or how your assets are divided may not feel right to you anymore. Regular reviews help you stay current and avoid unwanted surprises later.

Every Major Life Event

Certain life events should always prompt a review of your estate plan, regardless of when you last looked at it. Here are some of the big ones.

Marriage or Divorce

If you get divorced or married, it’s essential to update your plan. You’ll want to make sure whether or not you’d like your spouse included in key roles like power of attorney, health care proxy, or as a beneficiary. Michigan law does automatically revoke certain designations after divorce, but you shouldn't rely solely on this.

Birth or Adoption of a Child or Grandchild

Welcoming a new child or grandchild is a joyful reason to update your estate plan. You may want to name a guardian, set up a trust, or add them as beneficiaries.

Death of a Family Member or Beneficiary

If someone named in your estate plan passes away, that’s a clear signal it’s time for an update. Whether it’s a beneficiary, trustee, or power of attorney, you’ll need to revise your documents to reflect new choices.

Changes in Assets or Financial Situation

Big changes in your finances, like selling a business, buying a home, inheriting money, or retiring can impact your estate plan. You may want to change how your assets are distributed or create new strategies for tax efficiency and long-term care.

Change in Health

If you or a loved one experiences a significant health event, it may be time to revise your healthcare directives or power of attorney designations. These documents are critical in ensuring your medical wishes are honoured and the right person is making the decision if you’re unable to.

Relocation

If you move to or from Michigan, your estate plan should be reviewed by an attorney licensed in your new state. While many documents are valid across state lines, the specific rules around probate, taxes, and powers of attorney can vary.

What Happens If You Don’t Update Your Estate Plan?

Failing to update your estate plan can cause problems down the road. Outdated documents might name the wrong people in key roles, omit new family members, or distribute your assets

in ways you no longer intend. Worse, your estate could end up in a length probate process, or in conflict among loved ones. Courts will follow the most recent documents you have, and if those documents no longer reflect your wishes, there’s not much the court can do to change them.

An estate plan is a living set of documents that should grow and change with you. Checking in every few years, or after any major life change can save your family time, stress, and confusion later on. If you’re unsure whether your plan is still up to date, it’s a good idea to schedule a review with your attorney. Whether you need a few tweaks or a full overhaul, keeping your estate plan current is one of the best gifts you can give your future self and loved ones.