Do You Need an Estate Plan Review? Signs It’s Time for an Update

Life changes constantly, and so should your estate plan. What worked for you a few years ago might not reflect your current circumstances or future goals.

Estate plans aren’t meant to be set in stone—they need regular check-ups.

For over 30 years, Bassett Murray Law Group has helped Michigan families with estate planning, probate, and elder law. We know a well-crafted estate plan is a living document evolving with you.

In this article, we’ll cover key signs that it’s time to review your estate plan to ensure it still protects you and your loved ones.

Major Signs It’s Time for an Estate Plan Review

If any of the following events have occurred, it’s time to take another look at your estate plan.

1. Life Changes

Major life events often mean it’s time to update your estate plan. Marriage, divorce, or legal separation can affect beneficiary designations, power of attorney, and inheritance plans. 

Similarly, the birth or adoption of a child or grandchild may require adjustments to ensure their future is protected.

If a spouse, beneficiary, or executor has passed away, you’ll need to update your plan with new choices. As children reach adulthood, their financial and legal needs change, making it important to revise any trusts or guardianship arrangements.

Health changes, such as a serious illness or long-term care needs, should also prompt a review. Ensuring your plan accounts for medical and financial decisions can provide peace of mind.

Lastly, if you’ve named guardians for minor children, consider whether they’re still the right choice. 

2. Financial Shifts

Significant changes in your finances are a good reason to review your estate plan. A major increase or decrease in wealth could affect how your assets are distributed, making updates essential to align with your current financial situation.

If you’ve received an inheritance or a financial windfall, your estate plan should be adjusted to account for these new assets and ensure they’re passed down according to your wishes. 

Similarly, buying or selling property, a business, or other valuable assets may require changes to your will or trust.

Opening new retirement accounts or life insurance policies means you should check that beneficiary designations match your estate plan. 

Likewise, if your investment portfolio has seen major shifts, you may want to revisit your strategy for passing down wealth.

For business owners, changes in ownership—whether starting, selling, or restructuring a company—should be reflected in your estate plan to protect both your interests and your heirs.

3. Legal and Tax Considerations

Estate laws change, and your plan should keep up. Updates to federal or state tax laws can impact how much of your estate goes to your heirs. Moving to a new state means you should adjust your plan to comply with different probate and inheritance rules.

Regulations on inherited assets like IRAs, 401(k)s, and trusts also evolve, affecting how beneficiaries receive their inheritance. 

Changes in probate and guardianship laws may impact estate administration, while shifts in elder law could affect long-term care planning or Medicaid eligibility. 

Regular reviews help ensure your estate plan remains legally sound and financially beneficial.

4. Time-Based Reviews

Even if nothing significant has changed in your life, regular estate plan reviews are essential. 

Younger families should reassess their plans every 3-5 years to ensure they align with their evolving financial and family needs.

For older individuals or those with complex estates, an annual review is a smart way to keep everything current, especially as health, assets, and legal concerns change over time.

Additionally, any major law changes—whether related to taxes, probate, or inheritance rules—could impact your estate plan. A timely review ensures your documents remain valid and continue to protect your wishes and your loved ones.

5. Changes in Personal Intent or Legacy Goals

Your estate plan should reflect your current values and goals. If your charitable giving preferences have changed, updating your plan ensures your donations align with your wishes.

You may also want to adjust how your assets are distributed, whether to better support family members or direct funds toward causes that matter to you.

Over time, your ideas about your legacy may evolve, influencing decisions about how your estate can benefit future generations.

Additionally, digital assets like online accounts, social media, and cryptocurrency should be included in your plan to ensure they’re managed according to your preferences.

6. Evolving Beneficiary Circumstances

Your beneficiaries’ lives can also change in ways that may impact your estate plan. 

If a beneficiary enters a high-risk profession—such as medicine or law—they could be vulnerable to lawsuits, making asset protection strategies important.

Financial habits also matter. If a beneficiary struggles with money management, setting up a trust can help protect their inheritance from being spent too quickly.

Health changes that don’t completely alter their lifestyle may still require adjustments to your plan, ensuring they have the necessary support.

Finally, if a beneficiary’s marital status changes, it’s wise to review how their inheritance is structured to avoid unintended complications.

The Benefits of a Professional Review

Estate planning isn’t just about having a will—it’s about making sure everything is up to date and works the way you intend. A professional review can help:

• Keep your documents in line with Michigan laws.
• Minimize tax burdens for your beneficiaries.
• Reduce the risk of arguments over your estate.
• Update your plan as their circumstances change.
• Secure digital assets and make sure your online presence is handled according to your wishes.

Protect Your Family’s Future in Michigan: Contact Bassett Murray Law Group

Your estate plan should reflect your current life and future goals. If any of these signs apply to you, now is the time for a review. 

Keeping your plan updated ensures your wishes are honored, your family is protected, and your assets are distributed as intended.

Our attorneys can assess your plan, identify gaps, and recommend updates. Call 734-930-9200 (Ann Arbor) or 231-427-2292 (Petoskey) today to schedule a consultation and secure your legacy.