Many people think of estate planning as a “one-and-done” task—something you complete and file away—but an estate plan should evolve as your life, finances, and relevant laws change. An outdated plan can create confusion, unintended tax consequences, or outcomes that no longer reflect your wishes.

You should review your estate plan anytime something significant in your life changes. But even if a significant change hasn’t occurred in the last year, one reason why you should review your estate plan now is because of the higher gift and estate tax exemption that was made permanent by last year’s One Big Beautiful Bill Act (OBBBA). Aside from the estate planning implications from the OBBBA, let’s review some common situations that signal the need to revisit your will, trusts, powers of attorney, or other estate planning documents.

Major life events

Life transitions are the most common reasons estate plans need attention. Marriage or remarriage is a big one, especially if you have children from a prior relationship. Though divorce is an equally important reason to update your estate plan, as failing to update your documents could leave an ex-spouse in control of your assets and/or medical decisions.

The birth or adoption of a child or grandchild should also trigger a review. You’ll want to name a guardian or adjust beneficiary designations to reflect your growing family. Similarly, the death or incapacity of a spouse, beneficiary, trustee, or executor means your plan may no longer function as intended and should be updated.

Financial changes

Your estate plan should reflect your current financial situation. If your net worth has increased significantly—through business growth, inheritance, real estate appreciation, or investment success—your existing plan may not adequately address tax planning or asset protection.

Starting, buying, or selling a business is another major reason to update your estate plan. Business ownership often requires specific provisions for succession planning, valuation, and continuity. Retirement also can prompt changes, as income sources shift and distribution strategies evolve.

Don’t forget your supporting documents

Updating an estate plan isn’t only about your will or trusts. Beneficiary designations on retirement accounts and life insurance policies should be reviewed regularly, as they generally override what’s stated in your will.

Powers of attorney and health care directives are also critical to review. Life happens and relationships change, and it’s important to ensure that those provided with decision-making authority are people whom you still trust and are capable of serving in this capacity.

The bottom line

Remember that an estate plan is only effective if it reflects your current wishes and circumstances, as well as current law. Regular reviews help ensure your assets are distributed as intended, your loved ones are protected, and unnecessary taxes or legal complications are avoided.

Because estate planning intersects with taxes, financial planning, and your long-term goals, it’s wise to review your plan with qualified professionals. We can help you identify when updates may be needed and coordinate with your legal and financial advisors to keep your plan on track.

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