When Should You Update Your Estate Plan? (Hint: Sooner Than You Think)

We’ve all seen the headlines: a famous musician, actor, or business mogul passes away, and suddenly their family is stuck in a long, expensive, and very public court battle. More often than not, the root cause is simple - it's procrastination.

But here’s the thing: even if you’ve already created a solid estate plan (kudos to you!), putting off updates can create just as many problems as never having a plan in the first place. Life doesn’t stand still. Families grow and change, assets go up and down, careers shift, and before you know it, the plan you made five or ten years ago no longer reflects your current reality.

So, when is the best time to review and update your estate plan? The short answer: any time something meaningful changes in your life. Let’s walk through the most common triggers and why waiting can be costly.

1. Last-Minute “Deathbed” Changes

We’ve all seen movies where someone whispers their final wishes from their hospital bed. In real life, those dramatic moments rarely work out cleanly. Even with witnesses, verbal promises or hastily scribbled notes usually end up in probate court, where a judge decides what’s legally binding.

The result? Delays, legal fees, and stress for your loved ones. That's exactly what you were trying to avoid. A proper, signed, and witnessed update completed while you’re healthy is always the safer (and kinder) route.

2. Handwritten Notes or Changes

Remember the years-long legal fight over Aretha Franklin’s estate after two handwritten wills were discovered? Cases like hers show that scribbling changes in the margins or drafting a new “holographic” will can lead to confusion and expensive litigation.

Courts have to authenticate handwriting, interpret intent, and sort out conflicting instructions. In the process, legitimate heirs can be unintentionally left out, questionable claims can gain traction, and attorney fees eat into what’s left for your family. A quick meeting with your attorney beats a multi-year court battle every time.

3. Major Family Changes

Life events happen fast, and your estate plan needs to keep up:

• A new baby or grandchild is born

• A loved one (or a named executor, trustee, or guardian) passes away

• Marriage, divorce, or remarriage

• A child or spouse develops special needs

Divorce deserves special mention: failing to update your plan after a divorce is one of the most common ways people accidentally leave assets to an ex-spouse. Don’t let an old document override your current wishes.

4. Big Shifts in Asset Values

Markets fluctuate and sometimes dramatically. Retirement accounts, real estate, stock portfolios, cryptocurrency, or a closely held business can double (or halve) in value over a few years. Tax laws change too. What made sense when your net worth was $500,000 may create unnecessary estate taxes or liquidity problems when it’s $5 million.

A periodic review helps you take advantage of new gifting strategies, trust structures, or tax exemptions while everything is calm and not when the IRS is knocking.

5. Career or Business Changes

Got a big promotion? Started or sold a company? Shifted from employee to entrepreneur (or vice versa)? These milestones usually come with new income streams, liabilities, retirement plans, or life insurance policies that should be coordinated with your estate plan.

Even something as simple as receiving a large inheritance can throw your original strategy out of balance.

The Bottom Line: It’s Never Too Early and It’s Sometimes Too Late

Think of your estate plan as a living document, not a “set it and forget it” project. A good rule of thumb is to pull it out for a quick review every 3–5 years, or immediately after any of the events above.

At Claim My Legacy, we’ve been helping families protect and pass on their legacies for nearly 2 decades. We’ve seen firsthand how a timely update can save tens (or hundreds) of thousands of dollars and, more importantly, preserve family harmony.

If it’s been a while since you last looked at your plan. Or if life has thrown you a curveball lately give us a call. We’d love to help make sure your wishes are clear, current, and legally solid.

Because the best time to update your estate plan? Right now—while you still can.