Springing Forward with a New Estate Plan: Some Reasons to Dust Off the Old Documents and Make a Fresh Start

Spring is in the air – and it may not only be your patio furniture that needs dusting off. This time of year is all about new beginnings, and it’s a great time to take a look at your estate plan to make sure it still reflects your wishes. Here are some common (and very real) reasons to refresh your estate plan:

1. You got married … or divorced

If you recently got married, you may wish to provide for your spouse in your Will, add your spouse as the beneficiary on your life insurance and retirement accounts, and name your spouse as your agent in your power of attorney and advance medical directive. On the other hand, if you recently got divorced, you may want to remove them. Forgetting to take these steps can lead to unintended outcomes!

2. You welcomed a new child or grandchild

If there’s a new baby in the family, it’s time to add them in! You may wish to provide for a trust for the baby’s benefit, name a guardian, and set up other protections for young beneficiaries. Without these protections, there could be significant court involvement that could otherwise be prevented with proper estate planning in place.

3. Your kids grew up

What worked for your kids when they were little may not be appropriate now. You may wish to review whether trusts previously put into place for them still make sense. Also, now that they are no longer minors, they should have their own estate planning documents in place, especially a power of attorney and advance medical directive.

4. Your assets changed

Maybe you recently acquired a business, received an inheritance or simply built more wealth over time. Those are good reasons to ensure your assets will be preserved for your family members going forward and make sure that important asset protection and estate tax savings measures are in place.

5. You moved to a new state

Different states have different rules, even in the DMV. A quick review can give you peace of mind that your estate plan will still work smoothly in your new home state.

6. You’ve taken on a caretaking role

If you’re caring for a loved one long term (especially a loved one with special needs), your plan may need to reflect that responsibility. A review can help clarify how ongoing support will be handled, as well as address preserving eligibility for benefits.

7. A loved one has passed away

If someone named in your estate plan has passed away, your documents may need to be revised to remove that person as a beneficiary. If the person was named in a fiduciary role such as health care agent, power of attorney, executor, trustee, or guardian, it is smart to confirm that backup fiduciaries are named, still available, and still the right match for you.

8. Your health has changed

If you’ve had health concerns, it is a good time to make sure that your estate plan reflects your wishes. Your power of attorney and advance medical directive should be reviewed to ensure the right people are named as agents. It is important not to forget about beneficiary designations for life insurance and retirement accounts and make sure they are up to date as well.

9. It’s just been a while

Even if nothing major has changed, if it’s been a few years since your plan was created, it’s worth giving your estate plan a quick review. Laws change, life evolves, and small updates now can make a big difference later. Updating your estate plan is usually easier than people expect. Sometimes it’s just a few small tweaks to make sure everything lines up.  

If you would like to review your estate plan, or create a new plan, please reach out to a member of our Estate Planning team, or contact Kristie Hall at [email protected].

Author bio:

Kristie Hall is a seasoned estate planning attorney with a practice focused on trusts and estates, administration, and taxation. She advises individuals and families on wills, trusts, and long-term planning strategies designed to protect assets and preserve legacies.

Firm bio:

Selzer Gurvitch is a leading real estate, trusts and estates, business transactions, tax, land use and zoning, family law, and litigation law firm in Bethesda, Maryland. Since 1982, the firm has delivered innovative solutions to meet the needs of investors, owners, developers, businesses, and individuals throughout the Washington, D.C. metropolitan area.