You’ve done the responsible thing and created an estate plan. But when was the last time you reviewed it?
Estate planning is not a one-and-done task. Life can change in an instant, and if your documents haven’t kept up, they might no longer reflect your wishes, your family structure, or current tax laws. And that can lead to stress, legal issues, and unintended consequences for those you care about most.
Why Is Estate Planning Important?
We often hear the question, “Why is estate planning important if I already have a will?” The answer lies in two words: life changes. From marriages, births, and deaths to changes in your wealth, health, or relationships, an outdated plan can undermine your goals rather than protect them.
A few common risks of an out-of-date estate plan include:
- Outdated beneficiary designations (e.g., ex-spouses still listed)
- Improper asset titling that bypasses your plan entirely
- No coordination between your estate documents and financial accounts
- Unintended tax consequences due to changes in federal or state laws
- Appointment of executors or trustees who are no longer appropriate
If you’ve never made updates – or don’t remember when you last reviewed your plan – you may not have an estate plan in order at all.
What to Consider When Estate Planning
Keeping your plan current is just as important as creating one. Here are key moments that should prompt a review:
- Marriage, divorce, birth, or death in the family
- Significant changes in wealth, assets, or real estate holdings
- Relocation to a different state with different laws
- Changes in your wishes or values
- Significant shifts in tax legislation
- The passing or unavailability of a chosen executor, trustee, or guardian
It’s also wise to build in regular estate plan “checkups” every few years, even if nothing major has changed.
Your Plan Should Evolve with You
We believe that estate planning is important not just to avoid problems, but to ensure your wishes are honored with clarity and compassion. And when done proactively, it can also reduce the burden on your loved ones and make transitions smoother during already difficult times.
An outdated plan can be as risky as having no plan at all.
Partnering with Foster & Motley
At Foster & Motley, our role is to help ensure your estate plan supports your broader wealth strategy—and that it keeps up with your life. We work alongside your estate attorney to integrate your legal documents with your investment, tax, and retirement strategies.
Whether you're reviewing a 10-year-old will or simply want a second opinion, we’re here to help guide you through what to consider when estate planning and how to stay ahead of changes.
Schedule a discovery call to see how a coordinated, updated plan can help protect your legacy and support your most meaningful life.