Once you’ve created a will or trust, it’s tempting to put it in a drawer and forget about it. But life changes—and so should your estate plan.
At Forbes Law Firm PLLC, we encourage clients to think of their plan as a living document—one that should evolve as your family, finances, and priorities change.
1. The Five-Year Rule
As a general rule, you should review your estate plan every five years. Even if nothing major has changed in your life, laws and tax regulations can shift, and small updates can prevent big problems later.
During a review, we look for:
- Outdated executors, trustees, or agents.
- Beneficiaries who may have passed away or changed circumstances.
- Title issues (e.g., assets not aligned with your will or trust).
- Changes in estate or inheritance tax law that might affect your plan.
2. Update Immediately After Major Life Events
Certain events call for an immediate update—don’t wait for your next five-year checkup:
- Marriage or remarriage.
- Divorce or separation.
- Birth or adoption of a child or grandchild.
- Death of a spouse, child, or key family member.
- Moving to another state.
- Significant change in assets (inheritance, new home, or business sale).
- Health changes or long-term care considerations.
3. The Risk of Doing Nothing
Outdated plans can cause confusion, disputes, or even litigation. For example:
- An old power of attorney might name someone who’s no longer appropriate.
- Beneficiaries could inherit unequally—or unintentionally.
- Assets might go through unnecessary probate if titles and documents don’t match.
Even small errors can have big consequences when your plan no longer matches your life.
4. Keep It Current, Keep It Clear
Regular reviews give you peace of mind and make life easier for your loved ones. They also ensure your estate plan reflects your current intentions—not your life as it was a decade ago.
At Forbes Law Firm PLLC, we make the review process simple and stress-free. Whether you live in Davidson, Cornelius, Huntersville, Mooresville, or anywhere in the larger Lake Norman Area, our experienced team can help you ensure your plan remains current, compliant, and complete.
Contact us today to schedule your five-year estate plan review and keep your legacy on track.
