When Should You Review Your Estate Plan?

No one can predict the future. If you haven’t yet created an estate plan, it’s important to start now—and if you already have one, reviewing it regularly is just as critical. A Jefferson County estate planning attorney can guide you through the process and ensure your plan continues to reflect your needs.

How Often Should You Review Your Estate Plan?
At a minimum, review your estate plan every three to five years. If your estate is more complex or if you’ve experienced major life changes, you may need to review it more frequently. Failing to update your plan can lead to confusion, legal challenges, and unintended outcomes for your loved ones.

Life Events That May Trigger an Estate Plan Review:
Here are key life changes that should prompt you to revisit and revise your estate plan:

  • Birth or Adoption:
    Include new family members in your estate plan. Name guardians for minor children and consider setting up a special needs trust if necessary.

  • Marriage or Divorce:
    Update your estate plan to reflect changes in marital status. Explicitly name your spouse or remove an ex-spouse as a beneficiary and decision-maker.

  • Purchasing a Home or Real Estate:
    Buying a new property requires updating your estate plan to ensure the asset is properly distributed. This is especially important if you move to a new state, as estate laws vary.

  • Life Insurance Changes:
    If you buy a new policy or adjust your coverage, update your estate plan to reflect the correct beneficiaries. Ensure consistency across all documents to avoid conflicts.

  • Starting or Closing a Business:
    Include your business interests in your estate plan. Specify who will inherit the business and how it should be managed after your passing.

  • Health Changes:
    If your health changes, make sure your estate plan includes financial and medical powers of attorney, a living will, and long-term care planning, including Medicaid strategies if needed.

Other Reasons to Review Your Estate Plan:
Laws change, and your estate plan must adapt. Regular reviews help ensure your documents remain valid and enforceable. A good rule of thumb: check your plan yearly, or at least every three to five years, to stay ahead of any legal or personal changes.

Neglecting to update your plan can lead to unintended consequences—like a guardian no longer being able to serve, or assets going to the wrong beneficiaries. Staying proactive protects your legacy and your loved ones.

When Should You Create Your Estate Plan?
If you’re an adult in Missouri with a family, property, or significant assets, the time to plan is now. Don’t wait for a crisis—having a plan in place offers peace of mind and protection for your future.

Let Grafe & Batchelor Help You Protect What Matters Most
Estate planning involves complex legal documents, but it doesn’t have to be overwhelming. With over 30 years of combined experience, the attorneys at Grafe & Batchelor will guide you through every step, ensuring your plan reflects your goals and provides clarity for your loved ones.

Your first consultation is free, so don’t wait. Call Grafe & Batchelor today at 636-220-5934 to schedule a time to discuss your estate plan.