If your estate plan is more than five years old, it’s time to take a closer look. Many people believe that once they’ve created a will or trust, their planning is done. But that’s far from true. Estate plans should grow and evolve with your life—and if they don’t, your wishes might not be honored the way you expect.
In this article, we’ll explore why estate plan reviews are so important, how changing laws can affect your documents, and why trusts might be a better fit than wills for many families. Whether you’re updating a plan or starting fresh, connecting with an estate planning attorney is one of the smartest moves you can make.
When Should You Review Your Estate Plan?
Even if everything seems fine today, life changes fast. That’s why we recommend a full review of your estate plan every five years. During that review, consider the following:
Are the Right People Still in Charge?
The person you chose as your executor, trustee, or guardian years ago might not be the right fit today. They may have moved, passed away, or no longer be someone you trust with these important responsibilities.
Have Your Assets Changed?
Maybe you’ve bought a new home, inherited money, or opened new financial accounts. Or maybe your net worth has changed. Your estate plan should reflect these updates to avoid complications later.
Has Your Family Grown or Changed?
Marriages, divorces, births, and even falling out with a family member should prompt an estate plan update. An old will could unintentionally give everything to an ex-spouse or overlook a new grandchild entirely.
Have You Recently Moved to Minnesota?
State laws vary, and moving from one state to another could impact your estate plan’s validity. A quick review with an estate planning attorney near me ensures your documents comply with your new state’s rules.
How Changing Laws Can Impact Your Estate Plan
Tax laws, probate laws, and financial regulations don’t stay the same. Every few years, legislators make adjustments that can directly affect your estate.
Estate Taxes
Federal and state estate tax thresholds change regularly. What protected your assets from taxes five years ago might not be enough today.
Income Taxes and Inheritance
Some changes affect how inherited IRAs and other assets are taxed. If your beneficiaries aren’t named correctly—or if your plan doesn’t reflect new rules—they could end up paying more than necessary.
Minnesota Probate Laws
Changes in probate procedures may make your existing documents less effective or create unintended delays. An outdated plan might not account for these legal shifts, creating confusion for your loved ones.
The Truth About Wills: Why They Don’t Avoid Probate
You’ve probably heard the myth: “I have a will, so my family can avoid probate.” Unfortunately, that’s not how it works.
Wills are court documents. If you die with a will, your estate still goes through the probate process. The court oversees everything—from paying off your debts to making sure the right people get your assets. While a will lets you override the state’s default rules, it still requires time, paperwork, and legal oversight to settle.
That’s why, if your will is more than 10 years old, it’s time to rewrite it completely. Not just update it—rewrite it. Old documents may not reflect your current wishes, and laws or family dynamics may have shifted drastically over time.
Read more on the life of a will in our article, How Long Does A Will Last?
Don’t Forget About Non-Will Assets
Even with a great will or trust, not all your assets are covered. Retirement accounts, life insurance policies, and bank accounts with designated beneficiaries operate outside your will. If you haven’t reviewed those beneficiary forms, they could override your estate plan completely.
Make sure each account is updated to reflect your current wishes—and don’t forget to name contingent beneficiaries just in case.
Why a Revocable Trust Might Be Better Than a Will
Looking for more privacy and less hassle? A revocable trust might be a better option than a traditional will.
Unlike a will, a revocable trust helps your estate avoid probate entirely. It works like this: you place your assets—like your home, bank accounts, or investments—into the trust. You still control them while you’re alive. But when you pass away, the trust instructions take over, quietly distributing your assets without court involvement.
This means:
- More privacy for your family (no public court filings)
- More control over how and when assets are distributed
- Less stress and delay for your loved ones
Trusts are especially beneficial for families with minor children, complex assets, or blended family situations. And while we recommend rewriting a trust every 20 years, you still need to review your plan every five years.
Read more about revocable trusts in our article, 3 Signs You Definitely Need a Revocable Living Trust.
Take the Next Step with an Estate Planning Attorney Near You
Estate planning isn’t just about having documents—it’s about keeping them current. Life changes. Laws change. Your wishes might change too. That’s why an estate plan should never be a one-and-done task.
A five-year review can save your family from court delays, tax surprises, and legal headaches. And choosing the right structure—like a revocable trust—can provide more control, privacy, and peace of mind.
If your estate plan is older than five years—or if you’ve never created one—now is the time to act. Schedule a call with one of the estate planning attorneys at Stone Arch Law Office to discuss how easy it is to conduct an estate plan review and ensure your life and assets are protected.
Key Takeaways
Review Your Estate Plan Every 5 Years
Life changes quickly. Revisit your estate plan regularly to make sure the right people are in charge and your wishes still make sense.
Major Life Changes Require Immediate Updates
Marriage, divorce, births, deaths, relocation, or significant financial changes all mean your estate plan should be reviewed.
Laws Change—And Your Plan Should Too
Tax laws, probate procedures, and financial regulations evolve over time. An outdated plan might no longer serve your best interests.
Don’t Overlook Beneficiary Designations
Assets like retirement accounts and life insurance policies pass outside your will. Make sure beneficiary forms are up-to-date.
Reference: AARP.org (Sept. 23, 2024) “6 Times When You Should Update Your Will”
