Recognizing the Life Events That Trigger a Review
Creating an estate plan is a significant step in protecting your family, preserving your wealth, and ensuring your wishes are honored. However, estate planning is not a one-time task.
As life changes, your estate plan should change as well. In Kansas and Missouri, reviewing and updating your estate plan regularly is essential to ensure it reflects your goals, complies with current laws, and continues to protect the people and assets that matter most to you.
Below are the most common life events and circumstances that should prompt a review of your estate plan.
Life Events That Should Trigger an Estate Plan Review
Marriage or Divorce
Getting married or divorced has a direct impact on your estate plan. A new marriage may require adding your spouse as a beneficiary, updating powers of attorney, or creating a joint trust.
After a divorce, it is often necessary to remove a former spouse from your will, trust, and any healthcare or financial directives.
Birth or Adoption of a Child or Grandchild
The arrival of a child or grandchild is an important reason to revisit your estate plan. You may want to:
- Add the child as a beneficiary
- Designate guardians for minor children
- Create or revise trusts for future needs
- Update life insurance and retirement beneficiary designations
Without proper updates, a court may make decisions you would have preferred to handle yourself.
A Death in the Family
If a spouse, child, beneficiary, or someone named as an executor, trustee, or power of attorney passes away, your estate plan should be reviewed.
You may need to appoint new individuals or revise how assets are distributed.
Significant Changes in Assets or Financial Situation
Major financial changes such as selling a business, inheriting assets, acquiring real estate, or experiencing a substantial change in net worth should prompt a review.
These changes may affect:
- Tax planning strategies
- Trust structure and funding
- Gifting opportunities
- Creditor protection or asset preservation planning
Failing to account for these changes can result in unintended consequences, including unequal distributions or increased tax exposure.
Moving or Acquiring Out-of-State Property
If you move into or out of Kansas or Missouri, or if you acquire property in another state, your estate plan should be reviewed.
State laws vary widely when it comes to:
- Homestead and spousal property rights
- Probate procedures and exemptions
- Estate or inheritance taxes in other states
Owning property in multiple states can also lead to multiple probate proceedings unless addressed through proper planning.
Changes in Estate Planning or Tax Laws
State and federal estate planning laws change over time. Updates to probate procedures, tax laws, or powers of attorney requirements can affect your existing documents.
Even if your personal situation has not changed, periodic legal reviews help ensure your plan remains compliant and effective.
Changes in Personal Wishes or Relationships
Over time, your preferences and relationships may evolve. You may wish to change beneficiaries, appoint a new executor, or revise who will make decisions on your behalf if you become incapacitated.
Updating your estate plan ensures your current intentions are honored.
How Often Should You Review Your Estate Plan?
As a general guideline, you should review your estate plan:
- Every three to five years, even without major life changes
- Immediately after any significant life event
- Whenever your attorney recommends a review due to legal changes
Think of your estate plan as a living set of instructions that should evolve as your life and family evolve.
Let Our Office Help You Keep Your Estate Plan Up to Date
Our firm works with clients throughout Kansas and Missouri to create and maintain effective estate plans. Whether you need a minor update or a comprehensive revision, we can help protect your family and preserve your legacy.
If it has been a while since your last review or if you have recently experienced a major life event, now is the right time to act.
Schedule a consultation today and ensure your estate plan still does exactly what you want it to do.