Creating an estate plan is not a one-and-done event. Life changes, laws evolve, and your plan needs to keep up. But how often should you actually review and update your estate plan? And what events should trigger an immediate review?
The General Rule: Review Every 3 to 5 Years
Even if nothing major has changed, a review every three to five years ensures your plan still reflects your current wishes, accounts for any changes in Maryland or federal law, and remains properly funded if you have a trust.
Life Events That Require Immediate Updates
Marriage or divorce — Your estate plan should reflect your current marital status. In Maryland, divorce does not automatically revoke all provisions naming your ex-spouse. Birth or adoption of a child — Update guardianship designations and consider adding trust provisions for the new child. Death of a beneficiary or executor — If someone named in your plan passes away, update immediately. Significant change in assets — Buying a home, receiving an inheritance, or selling a business all warrant a review. Moving to or from Maryland — Estate planning laws vary by state. Changes in health — A serious diagnosis may prompt changes to your advance directive or trust provisions. Changes in tax law — Federal and Maryland estate tax thresholds change periodically.
What an Update Involves
Some updates are simple — like changing a beneficiary designation or updating an executor. Others may require creating new documents or restructuring your plan. In many cases, an amendment or codicil can update your existing documents without starting from scratch.
At SoMD Estate Planning, we make updates straightforward and affordable. If you have not reviewed your plan in several years — or if any of these life events have occurred — contact us for a review consultation.
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