How Often should I update my Estate Plan?

Planning for the future is essential, especially when it comes to protecting your loved ones after you’re gone. Estate planning isn’t a one-time task—it’s an ongoing process that should evolve with your family’s needs and financial situation. Regularly reviewing and updating your estate plan is key to securing generational financial well-being.

How Often Should You Update Your Estate Plan?

A common question many ask is, “How often should I update my estate plan?” The general recommendation is to review it at least every 3-5 years, if not more frequently. Fidelity suggests assessing your estate strategy whenever you review your overall financial plan—whether that’s annually, semi-annually, or quarterly.¹

However, major life changes should always prompt an immediate review of your estate plan to ensure it aligns with your current wishes and circumstances.

Key Life Events That Require an Estate Plan Update

While routine reviews are important, certain significant life events should trigger an immediate update to your estate plan:

Marriage or Divorce – Getting married means adding your spouse as a beneficiary, while divorce may require removing an ex-spouse.
Birth or Adoption of a Child – Expanding your family means updating your plan to include new beneficiaries and appoint guardians.
Death of a Loved One – If a spouse, child, or beneficiary passes away, your estate plan should reflect the necessary changes in asset distribution.
Change in Financial Status – A significant increase or decrease in assets, such as inheritance, investments, or property acquisitions, warrants a review.
Relocation to Another State or Country – Estate laws vary by location, so moving requires ensuring your plan complies with local regulations.
Health Changes – A serious illness or decline in health should prompt updates to healthcare directives and powers of attorney.

A Proactive Approach to Estate Planning

Estate planning should be a living document that reflects your current circumstances, wishes, and legal considerations. While reviewing your plan every 3-5 years is a good rule of thumb, staying proactive and updating it in response to life events is essential. Doing so ensures that your loved ones are cared for and your legacy is preserved.

Have Questions About Your Financial Future?

If you have concerns about your retirement or estate plan, Financial Plan Providers LLC is here to help. With over 15 years of experience, we specialize in personalized financial advisory and total wealth management. Our team guides clients through market changes and creates tailored financial strategies.

Schedule a consultation today and take the next step in securing your financial future.

Sources:

------------------------------------------------------------------------------------------

Have Questions About Your Retirement Plan?

At Financial SPlan Providers LLC, we specialize in personalized financial advisory and total wealth management. With over 15 years of experience, we’ve helped clients navigate market complexities and build tailored financial strategies.

Whether you're planning for retirement or looking to optimize your financial future, our expert advisors are here to guide you. Contact us today to schedule a consultation and take the next step toward achieving your financial goals.

----------------------------------------------------------------------------------------

Blog Disclosures

This content, which may contain security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice or an endorsement of any practices, products, or services. There can be no guarantees or assurances that the views expressed here will apply to any particular facts or circumstances, and they should not be relied upon in any manner. You should consult your financial advisors regarding legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blogs, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Financial Plan Providers LLC employees providing such comments and should not be regarded as the views of Financial Plan Providers LLC or its respective affiliates or as a description of advisory services provided by Financial Plan Providers LLC or the performance returns of any Financial Plan Providers LLC client.

Any opinions expressed herein do not constitute or imply endorsement, sponsorship, or recommendation by Financial Plan Providers LLC or its employees. The views reflected in the commentary are subject to change at any time without notice.

Nothing on this website or blog constitutes investment or financial planning advice, performance data, or any recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. It also should not be construed as an offer soliciting the purchase or sale of any security mentioned. Nor should it be construed as an offer to provide investment advisory services by Financial Plan Providers LLC.

Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Financial Plan Providers LLC manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

Any charts provided here or on any related Financial Plan Providers LLC content outlets are for informational purposes only and should not be relied upon when making any investment decision. Any indices referenced for comparison are unmanaged and cannot be invested into directly. As always, please remember that investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Information in charts has been obtained from third-party sources and data, which may include portfolio securities of funds managed by Financial Plan Providers LLC. While taken from sources believed to be reliable, Financial Plan Providers LLC has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. All content speaks only as of the date indicated.

Financial Plan Providers LLC is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Financial Plan Providers LLC and its representatives are properly licensed or exempt from licensure. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.