If you're like most people, once your estate plan is created, you rarely think about updating it. But the truth is, the carefully designed plan that worked perfectly years ago might not meet your current goals or family circumstances today.
To put things in perspective, let's look at a family that might sound a lot like yours.
Meet the Kendricks
Bill and Karen Kendrick created a will-based estate plan 30 years ago when their daughter, Jessica, was born. They updated it four years later when their son, Steve, arrived.
About ten years ago, they created a trust-based plan and felt confident that their family, finances, and even their beloved dog, Sadie, were fully protected. But over time, they stopped updating their plan — and a lot has changed since then.
Here's what's changed in the Kendricks' lives:
● Their children, Jessica and Steve, are now adults.
They've both graduated from college. The Kendricks should review the inheritance they planned for their children. Since they no longer support Jessica and Steve's day-to-day needs, they may want to reconsider when and how each child receives their inheritance.
● Jessica is married with two daughters, one of whom may have autism.
Because one granddaughter may have special needs, the Kendricks should ensure that any inheritance left to her doesn't jeopardize her eligibility for government benefits. A direct inheritance could unintentionally disqualify her from future assistance — something that can be avoided with thoughtful planning.
● Steve is married, and he and his wife are expecting their first child.
With a new grandchild on the way, the Kendricks should revisit how they want to provide for each grandchild — including timing, structure, and amounts.
● Bill and Karen bought an out-of-state vacation home in Florida.
They need to confirm that the Florida property is included in their estate plan. This could mean transferring it to their trust, using a Lady Bird deed, or recording a transfer-on-death instrument, depending on Florida law. Taking these steps now helps their family avoid a separate Florida probate in the future.
● Sadie had a litter of puppies but has since passed away.
Bill and Karen kept two of the puppies. If their estate plan mentioned Sadie by name, they may need to update it to ensure their new dogs are covered. Updating pet provisions now will ensure proper care for any pets they own at the time of their deaths.
Given all these changes, do you think the estate plan the Kendricks updated ten years ago still fits their needs and goals today?
Changes in Your Own Life
Just like the Kendricks, you've likely experienced your own life changes — especially over the past few years.
Ask yourself:
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Have you moved or bought a new home?
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Do you have more children or grandchildren now?
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Have you started a business, retired, or gone through a major financial shift?
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Has your health changed, or are you caring for a parent, pet, or dependent child?
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Have you divorced, remarried, or lost a loved one?
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Have your trusted helpers (executor, trustee, or agents) moved away or changed relationships with you?
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Are your children now adults who could serve in your plan?
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Do you want to help fund your grandchildren's college education?
A lot can change in ten years. Your personal life, finances, and goals probably look very different today — and your estate plan should reflect that.
In addition, estate planning laws are constantly evolving. At Sheil Law Firm, we stay current on these legal developments to ensure our clients are always protected using the most effective strategies and tools available.
Is Your Estate Plan Out of Date?
If any of the changes the Kendricks experienced sound familiar — or if it's been more than three to five years since you last reviewed or updated your estate plan — it's time to make sure your plan still reflects your goals and protects the people and things that matter most.
At Sheil Law Firm, we help families keep their plans current and aligned with their life's changes.
