When to Create & Update an Estate Plan
Written by Law on Call Staff | Reviewed by Daren Harris, Esq. | Last Updated May 14, 2026
People often delay estate planning because it feels complicated, expensive, or easy to put off. But starting sooner protects your assets, provides for your family, and honors your wishes.
Whether you’re creating your first plan or updating an existing one, here’s what you need to know.
Main takeaways
- Estate planning isn’t just for the elderly or wealthy. Anyone over 18 benefits from basic legal and healthcare directives in case of death or incapacity.
- A proper estate plan clarifies who inherits your assets, raises your children, and makes medical decisions on your behalf.
- Estate plans are flexible and can be updated as life changes, but updates must be made formally to remain legally valid.
When Should You Create an Estate Plan?
Creating an estate plan doesn’t have to be complicated or time consuming. A few basic documents can go a long way toward protecting your family and making sure your wishes are followed. No matter your age or how much money you have, a good estate plan gives your loved ones a clear road map to follow if something happens to you.
There’s no single right moment to start, but certain milestones make estate planning especially important.
Key Milestones
- You Start a Business
Business owners need to plan for what happens to their company upon death, or can otherwise no longer run it. Without a plan, a business can quickly fall apart, creating financial hardship for other owners, employees, and family members.m, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. - You Get Married or Divorced
By default, marriage changes who legally inherits your assets. Divorce can reverse those changes, but only if your divorce has been finalized and documents updated. Either event is a strong signal to create or revise your estate plan. - You Buy a Home
Real estate is typically a person’s largest asset. An estate plan ensures your property goes to the right person without delays or legal disputes. - You Have Children
This is one of the most urgent reasons to create a will. A will allows you to name a guardian for your minor children. If you don’t have an estate plan in place, a court will decide for you.
Key Documents
Estate plans are not one-size-fits-all, but most include some combination of these documents:
- Last Will and Testament
A last will and testament directs how your property is distributed after your death, ensuring your overall plan is clear and legally enforceable. - Revocable Living Trust
A revocable trust holds your assets during your lifetime and passes them to your chosen beneficiaries without going through court. - Durable Power of Attorney
Power of Attorney is a document that names the person or persons who will handle your finances (mortgage, taxes, 401k distributions) if you are unable to do so yourself. - Advance Healthcare Directive
Also called a living will, this document outlines your medical wishes and names someone to make healthcare decisions for you.
Together, these documents cover financial decisions, healthcare choices, guardianship, and how your property gets distributed.
Estate planning doesn’t have to be scary.
Can You Update an Estate Plan After It’s Created?
Your estate plan is not set in stone. Life changes, and your plan should keep up. The good news is that most estate planning documents can be updated, sometimes with a simple amendment and sometimes by creating a new document entirely.
The key is to make updates official and legally valid. Changes made informally, like handwriting notes in the margins of a will, are usually not recognized by courts. This is where an estate planning attorney can help.
Life Events that Trigger Estate Plan Updates
Once you have an estate plan in place, it shouldn’t be static. After certain life events occur, the need to update your plan can become more urgent.
- Turning 18: Once you are a legal adult, no one can automatically make decisions for you. Even a simple healthcare directive matters at this stage of life.
- Birth or adoption of a child: Even if you already have a plan, a new child may need to be added as a beneficiary.
- Receiving a large inheritance: Inheriting money or other assets means you have more to protect.
- Caring for aging parents: If you are helping manage a parent’s affairs, you may want to make sure your own plan is also up to date.
- Moving to a new state: Estate planning laws vary by state. A move may mean some of your documents need to be reviewed or updated in accordance with your new state’s laws.
How to Update an Estate Plan
Updating an estate plan might not look the same for everyone, but following some general guidelines helps ensure everything is squared away. This includes making sure the plan is legally sound and will hold up to scrutiny if it’s ever challenged or reviewed.
Step-by-Step Guide
1. Review Your Current Documents
Gather your important documents (will, trust, POA, advanced directive). Read each one carefully to confirm it still reflects your wishes and assets.
2. Take Note of Major Life Changes
Any significant event, such as a marriage, divorce, new child, death in the family, or move to another state, is a reason to revisit your plan.
3. Examine Key Roles
Confirm that your executor, trustee, guardian, and power of attorney agent are still the right choices, and that they’re willing and able to serve.
4. Update Beneficiary Designations
Check that all beneficiaries are accurately named, including on accounts like life insurance policies and retirement plans, which pass down outside of a will.
5. Stay Current with the Law
Estate and tax laws change. Work with an attorney periodically to ensure your plan remains legally compliant.
6. Make Changes the Right Way
Avoid informal edits. Use formal legal amendments (called codicils) or draft new documents entirely. To make sure everything is above board, consult an attorney.
7. Execute Documents Properly
Sign and execute all updated documents according to your state’s requirements, which typically involve witnesses, notarization, or sometimes both.
8. Share Location of Important Documents with Family
Keep your documents in a safe, accessible location and make sure your trusted contacts know where to find them and how to access them when needed.
9. Review on a Regular Schedule
Even without major life changes, plan to review your estate plan every 3 to 5 years to confirm that it’s still aligned with your goals.
10. Coordinate with Your Financial Accounts
Make sure your estate plan aligns with how your accounts, property, and business interests are titled, since mismatches can cause beneficiary conflicts or assets to bypass your plan entirely.
Frequently Asked Questions
Yes. Anyone over 18 can benefit from at least a basic estate plan. A healthcare directive and power of attorney alone can make a big difference if something unexpected happens.
Costs vary depending on the complexity of your situation and the attorney you work with. A simple will may cost a few hundred dollars, while a full estate plan with a trust can range higher. Many people find the cost is far less than they expected.
If you pass away without a will, your state’s laws decide who gets your property. This process, called intestate succession, may not match your wishes and can be a long and difficult process for your family.
Some basic documents are available online, but working with a licensed estate planning attorney helps ensure your documents are legally valid and actually cover your situation.