New Year, New Will? When to Revisit Your Estate Plan

So the saying goes: "One year older, one year wiser."  But when does turning the page of the calendar warrant more paperwork than just that?   Some changes in our lives happen all-of-a-sudden, and others are more gradual.  From time to time, it's a good idea to ask yourself: "Are my affairs still in order?"        

Our family trees are constantly in flux:  Wedding bells chime; new babies arrive; children grow up and start their own families; and loved ones pass on.  New health challenges, new jobs, and the passage of time each can alter our course – in subtle or dramatic fashion.  While we navigate the emotions that accompany these changes, we sometimes forget the practical impact these changes can have on our lives and on our families' futures. 

Changes in Circumstances

Estate planning – for wealth transfer and for the care and maintenance of our loved ones – is not a one-time exercise.  With each change in personal circumstances, large or small, corresponding changes may be necessary to ensure your estate plan still meets your needs.  The selection of fiduciaries, for example, should be revisited on a regular basis.  When children are young, we appoint guardians to care for them if the unthinkable happens.  As those children grow up and family circumstances shift, plans may need to change accordingly.  If you've moved to a different state, had more children, or if your original (perhaps more elderly) guardians are dealing with their own health issues, can you still rely on the initial arrangement?  Your selection of Executors and Trustees – the ones tapped to administer your estate for the benefit of your beneficiaries – likewise may need updating from time to time.

Setting periodic reminders for an estate plan review – whether every five years or more or less often – can help clients catch any changes in circumstances that may have flown under the radar as the years pass. 

Changes in the Law

After a particularly exhausting election year, politics may be the last thing we want to focus on.  But changes in government can mean new laws impacting our personal plans – particularly for the transfer of wealth.   When the changing of the guard signals significant changes in the law, an estate plan review can help identify whether any changes to our personal plans are warranted.                

As we close the book on another year and look ahead to a new one, our firm's trust and estate attorneys are ready to assist with any New Years resolutions involving an estate plan review.     

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© 2025 Ward and Smith, P.A. For further information regarding the issues described above, please contact Jennifer V. Boyer.

This article is not intended to give, and should not be relied upon for, legal advice in any particular circumstance or fact situation. No action should be taken in reliance upon the information contained in this article without obtaining the advice of an attorney.

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