What Should You Do With an Estate Plan You Created Years Ago?

Many people have an estate plan that was prepared years ago and assume that because they have the documents, they are finished.

That may not be the case.

An estate plan should reflect your life as it is today. Over the years, your family, property, finances, and relationships may have changed considerably.

Start by looking at the people named in your plan.

Would you still choose the same successor trustee? Are the beneficiaries still correct? Have there been changes in your family that should be reflected in your documents?

Then look at your property and finances.

You may have purchased or sold a home, received an inheritance, retired, started or sold a business, or accumulated assets that did not exist when your original plan was prepared.

Your beneficiary designations may have changed as well.

Marriage, divorce, the birth of a child or grandchild, or the death of someone named in your plan are all reasons to take another look.

There is also the simple question of whether your documents still make sense under current California law.

This does not necessarily mean you need to start over. Sometimes an older estate plan still works well. Other times, a few changes can make a significant difference.

We often encourage clients to bring in older estate planning documents so we can review them and determine what still works and what may need attention.

Having an estate plan is important. Having one that still reflects your wishes is even more important.

FAQs

How often should I review my estate plan?

There is no single schedule for everyone, but a review is a good idea after major changes to your family, property, finances, trustees, or beneficiaries.

Do I need a new trust if my estate plan is old?

Not necessarily. An existing trust may be able to be amended or updated depending on your circumstances.

What changes should prompt an estate plan review?

Marriage, divorce, new children or grandchildren, buying or selling property, receiving an inheritance, retirement, and changes to trustees or beneficiaries are all good reasons to review your plan.