How Often Should You Update Your Estate Strategy?
Once an estate strategy is in place, it doesn’t usually require constant attention. In many cases, periodic reviews are enough to help ensure that strategy still reflects your wishes.
That said, life rarely stays static.
Major personal, financial, or legal changes may signal the need to revisit parts of your strategy. Events such as marriage or divorce, the birth of a child or grandchild, the loss of a loved one, a move to a new state, changes in health, or shifts in tax law can all influence how an estate strategy should function.
According to the Trust & Will 2025 Estate Planning Report, estate planning continues to be an area where intention and action don’t always align. For example:[i]
- While 83 percent of Americans acknowledge the importance of their estate, only 31 percent have a will in place.
- Nearly one in four Millennials and Gen Z adults prefer appointing trusted friends or professionals—rather than family members—as executors or guardians.
- Financial anxiety remains elevated, with 49 percent of Americans reporting they are more worried about their economic future than they were a year ago.
- Inflation continues to affect long‑term planning, as 78 percent of Americans say it has made pursuing life goals more difficult.
Taken together, these insights highlight an important reality: estate strategies shouldn’t be “set and forget.” They should evolve alongside your life.
Life Events That May Trigger a Review
Everyone’s financial situation is unique. Still, there are common milestones that often prompt a closer look at an estate strategy, including:
- Marriage or divorce within your immediate family or among heirs
- Births, adoptions, or deaths
- Relocation—especially a move to another state, where estate and inheritance laws may differ
Even when beneficiaries don’t change, the context around your decisions often does.
Other Reasons to Revisit Your Estate Strategy
Beyond life events, there are additional circumstances that may warrant a review:
- A change in health that affects care planning or decision‑making authority
- The sale of a business or a significant shift in asset structure
- Changes in federal tax law
- Changes in state‑level tax or inheritance laws
- A decision to update or revise beneficiaries
Over time, goals evolve. So do family dynamics. Revisiting your estate strategy can help ensure it continues to reflect not only what you want distributed, but how and why those decisions were made.
Some individuals also choose to hold a family meeting to explain the overall structure of their estate and the reasoning behind key decisions. While it is not necessary for everyone, these conversations can help reduce confusion and set expectations.
Getting Help Along the Way
Estate planning can be complex. Online tools and templates may offer a helpful starting point, particularly for organizing basic wishes or gathering information.
Still, many situations benefit from professional guidance. An experienced estate professional can help ask thoughtful questions, identify potential gaps, and ensure legal documents align with current laws and personal objectives.
As with all legal matters, estate‑related decisions should be reviewed with an attorney. Tax‑specific questions should be addressed with a qualified tax professional.
A Living Plan, Not a One‑Time Task
An estate strategy isn’t about predicting every future outcome. It’s about creating a framework that can adapt as life changes.
If it’s been a while since your last review, you may want to ask yourself a simple question: Does my estate strategy still reflect the life I’m living today?
Regular reviews can help ensure that it does.
This material is provided for informational purposes only and is not intended as legal or tax advice. Clients should consult with their own attorney and/or tax advisor regarding their specific situation. Any statistics or third-party data referenced are believed to be from reliable sources, but accuracy cannot be guaranteed. All planning strategies should be reviewed in the context of individual circumstances and evolving legal and regulatory requirements.