When was the last time you thought about your estate plan? If you’re like most people, probably not since the day you signed it. But the thoughtful plan that once reflected your goals and family circumstances may no longer do so today.
Life doesn’t stand still—and neither should your estate plan. To put things into perspective, let’s look at one family’s story that might sound familiar.
Meet the Kendricks
Bill and Karen Kendrick created a will-based estate plan 30 years ago when their daughter, Jessica, was born. They updated it four years later when their son, Steve, came along. About ten years ago, they upgraded to a trust-based plan and felt confident that their family, finances, and even their beloved dog, Sadie, were protected.
But over time, they stopped reviewing and updating their plan. Here’s what has changed in the last decade—and why those changes matter.
- Their children are now adults. Jessica and Steve are both grown and financially independent. Since the Kendricks no longer support their daily needs, it may make sense to revisit how and when each child should receive an inheritance.
- Jessica’s family has new needs. Jessica is married with two daughters, one of whom may have autism. Because a special needs grandchild might require government benefits, the Kendricks should consider a special needs trust to protect those benefits rather than leaving an outright gift that could disqualify her from assistance.
- Steve’s family is growing. Steve and his wife are expecting their first child. With another grandchild on the way, it’s time to decide whether they want each grandchild to receive an inheritance—and under what conditions.
- They purchased a vacation home. The Kendricks bought an out-of-state property in Florida. They need to make sure this home is properly coordinated with their trust or titled in a way—such as through a Lady Bird deed or transfer-on-death instrument—that helps their loved ones avoid a separate Florida probate later.
- Their pets have changed. Sadie, their original dog, has passed away, but two of her puppies remain part of the family. If the Kendricks’ plan specifically names Sadie rather than addressing “any pets we own at our deaths,” they may need to update it to include their new dogs and ensure ongoing care provisions still apply.
So—does the estate plan the Kendricks last updated ten years ago still reflect their wishes? Probably not. And they aren’t alone.
Changes in Your Own Life
Like the Kendricks, your life has likely evolved in ways that your estate plan might not capture. Ask yourself:
- Have you moved, bought a new home, or started a business?
- Have you married, divorced, or welcomed new children or grandchildren?
- Do you now care for a parent, pets, or dependent loved one?
- Have your health, finances, or relationships changed?
- Has someone named in your plan moved away or passed on?
- Are your children now adults who could serve as trusted decision-makers?
Life changes quickly. Over the past few years alone, many people have changed careers, invested differently, or retired early. Your estate plan should keep up with those transitions to ensure it still protects your loved ones and aligns with your values.
Estate Planning Laws Evolve Too
Even if your personal life hasn’t changed much, the laws that affect your estate plan likely have. Federal and state tax laws, retirement account rules, and trust regulations evolve regularly. The strategies available today are often more flexible, efficient, and protective than those used even a few years ago.
As estate planning attorneys, we stay up to date on these developments so we can use the best tools available to protect your family, your assets, and your future. Updating your plan isn’t just about adjusting for life changes—it’s about making sure you benefit from current, effective legal options.
Is Your Estate Plan Out of Date?
If any of the Kendricks’ experiences sound familiar—or if it’s been more than three to five years since you last reviewed your estate plan—it’s time for a checkup.
A well-maintained plan ensures your wishes are honored, your loved ones are cared for, and your legacy is preserved. Don’t wait until life forces you to make a change.
Call us today to schedule a review of your current estate plan. We’ll help you feel confident that your plan still reflects your goals, adapts to your life’s changes, and secures the future for the people and things you care about most.
