How to Know When It’s Time to Update Your Estate Plan
Creating an estate plan is one of those “adulting” milestones people feel proud about completing — and for good reason. A will, trust, power of attorney, and healthcare directive can protect your loved ones, prevent confusion, and ensure your wishes are honored.
But estate planning isn’t one-and-done.
Even if you already have documents in place, your estate plan may no longer reflect your current life. That can create delays, uncertainty, or unintended outcomes for the people you care about most.
Many estate planning experts recommend reviewing your plan every few years — and especially after major life events. The goal isn’t to constantly rewrite everything, but rather to make sure the plan you created still matches the life you’re living now.
Most Americans Don’t Have a Will — And Those Who Do, Haven't Updated It
Estate planning progress remains extremely low across the U.S, where only 32% of Americans have a will. There are a lot of reasons why this might be true including
But even among those who have taken action, keeping documents up to date often falls through the cracks. That’s right, 20% of Americans who have a will have not updated it in at least five years.
This matters because estate plans are only effective when they reflect your current reality.
8 Signs It’s Time to Update Your Estate Plan
Below are the most important life changes that should trigger a review of your documents. If one (or several) apply to you, it’s a strong sign that an update is overdue.
1) You’ve had significant changes to your financial situation
A good estate plan is grounded in what you own and what you want to protect. If your finances change meaningfully, your documents should too.
This includes obvious events like receiving an inheritance or building significant savings — but also newer categories of wealth that didn’t exist when many estate plans were written. If you’ve opened new important financial accounts, invested in stocks, started holding bonds, or purchased digital assets like cryptocurrency, it may be time to revisit your plan.
Even retirement can fall into this category. When people retire, they often shift from accumulating assets to distributing them, which can affect beneficiaries, tax planning, and what loved ones will need access to in an emergency.
2) You got married or divorced
Marriage and divorce are among the most important triggers for updating an estate plan. These changes can affect everything from who you want to inherit your assets to who you trust to make decisions if you become incapacitated.
If you created your documents when you were single, or if your plan still reflects a prior relationship, it’s worth reviewing immediately. Many people are surprised to learn that simply “having a will” does not automatically resolve beneficiary conflicts, especially when accounts and policies pass directly to named beneficiaries.
Additionally, if you reference a past partner in your estate plan, you may no longer wish for them to be the beneficiary of your assets, finances or anything else! Without making a change to this, you mb
3) You had or adopted children — and yes, pets matter too
Having or adopting children changes not only who you want protected, but also how you want protection to work. It’s often the moment people begin thinking about guardianship, long-term stability, and how to structure an inheritance responsibly.
It’s also the time to ask practical questions: Who would raise your children if something happened to you? Who would manage funds until they’re older? And do your documents reflect your family’s current needs?
Pets belong in this conversation too as 62% of U.S. pet owners say they consider their pets part of the family. If your pet is part of your family, your plan should reflect that — whether that means designating a caregiver or formally outlining pet care instructions.
4) You bought or sold a home
Buying or selling a home is one of the biggest financial transitions most people experience, and it can significantly impact an estate plan.
If you’ve purchased property, sold property, moved in with a partner, or bought a home jointly, your plan may need to reflect new ownership structures and responsibilities. This is also a good time to review whether you want property to pass through a will, a trust, or another method.
5) You started or now own a business
Business ownership creates unique estate planning needs — even if you’re a solo entrepreneur or small business owner.
A business is not just an asset; it’s an operation. If you own one, your estate plan should address what happens to the business if you become incapacitated or pass away. Without clear instructions, families can face confusion about control, succession, and financial access at the worst possible time.
6) You experienced a family illness or death
Family illness or death often changes how we think about planning — and it can also change what type of planning is necessary.
If someone named in your estate plan has passed away, become ill, or is no longer able to serve in a key role (such as executor, trustee, or healthcare agent), your documents should be updated. The same is true if a beneficiary has passed away or your relationship with them has changed. Many estate plans still include people who are no longer living or no longer in the person’s life, creating unnecessary complexity later.
7) You moved to a new state
Estate planning laws vary by state. Even if your documents are still valid after a move, it’s important to confirm that your new state recognizes the structure and language of your existing documents.
This is especially true for healthcare directives and powers of attorney, which may have different signing requirements or formatting expectations depending on where you live.
Make sure your estate plan follows your state laws here:
8) Your wishes have changed
Sometimes the most important reason to update your plan is simply time. Relationships evolve. Priorities shift. People you once trusted may no longer feel like the right choice, and new relationships may become central.
If your estate plan no longer reflects what you want — or who you are — it’s time to revisit it.
Creating an estate plan is a meaningful first step, but keeping it updated is what makes it truly protective.
If you already have a plan, it may be time to review it and ask: Does this still reflect the people I trust, the life I live, and the legacy I want to leave? When in doubt, a quick update today can prevent major confusion tomorrow.
Estate planning should be a living plan that evolves with you. Whether you get married, welcome a child, buy a home, start a business, move states, or simply change your mind, GoodTrust is designed to support you through every stage of life. With GoodTrust, you can keep your information organized in one secure place, update key details as life changes, and make sure the right people can step in when needed. From assigning guardians and managing important documents to sharing access with trusted loved ones, GoodTrust helps turn major life moments into clear, actionable steps — so your plan stays aligned with your real life.