Estate Planning Series - Part 2 - When to Review Your Estate Plan

Estate Planning Series - Part 2 - When to Review Your Estate Plan
Zachary J. Montgomery JD, CPA, CFE
Written By: Zachary J. Montgomery, JD, CPA, CFE
Managing Member
Published On: 
May 23, 2023

This is the second blog in our Estate Planning Considerations series. In the previous blog, we discussed the essential estate planning documents every individual should have. In this blog, we will address an equally important aspect of estate planning: determining the optimal timing for establishing and reviewing your estate planning documents. Proper timing is crucial to ensure that your plan reflects your current wishes, circumstances, and legal requirements.

Establishing Your Estate Planning Documents

A. Early Adulthood

While estate planning may not be a priority in your early adulthood, there are certain milestones that make it a suitable time to start the process. These milestones include:

  • Accumulation of Assets: As you start accumulating assets, such as a home, investments, or business interests, it becomes essential to establish a basic estate plan to protect your assets and outline their distribution.
  • Marriage or Domestic Partnership: When you enter into a marriage or domestic partnership, it's important to update your estate plan to include your spouse or partner and make provisions for them in the event of your incapacity or death.
  • Starting a Family: The arrival of children brings added responsibilities. Establishing an estate plan ensures that your children are provided for and guardianship arrangements are in place should anything happen to you and your spouse or partner.

B. Middle Age:

Middle age is an ideal time to reassess and update your estate planning documents. Key events and considerations during this stage include:

  • Increased Asset Accumulation: By middle age, you may have accumulated substantial assets. Reviewing and updating your estate plan helps ensure that your assets are properly protected, managed, and distributed according to your wishes.
  • Retirement Planning: As retirement approaches, it's important to align your estate plan with your retirement goals. This may involve adjusting beneficiary designations, creating a trust, or implementing strategies to minimize estate taxes.
  • Caring for Aging Parents: Middle age often coincides with the need to provide care and support for aging parents. Estate planning allows you to address their needs while ensuring your own estate plan remains current.

Reviewing Your Estate Planning Documents

Estate planning is not a one-and-done task. Regular review of your estate planning documents is crucial to ensure their effectiveness and alignment with your current situation. Here are some instances when reviewing your estate plan is essential:

  • Major Life Events: Significant life events such as marriage, divorce, birth, adoption, or the passing of a loved one should prompt a review of your estate plan. These events may necessitate updates to beneficiary designations, guardianship provisions, or asset distribution plans.
  • Changes in Financial Circumstances: If you experience a significant change in your financial situation, such as acquiring or selling assets, starting a business, or receiving a substantial inheritance, it's important to revisit your estate plan. This ensures that your plan reflects your new financial reality and maximizes the benefits for you and your beneficiaries.
  • Legal and Tax Changes: Laws and tax regulations are subject to frequent changes. Periodic review of your estate plan allows you to address any legal or tax changes that may affect the distribution of your assets or the implementation of certain strategies.
  • Passage of Time: As time passes, your priorities, relationships, and wishes may evolve. Regularly reviewing your estate plan provides an opportunity to reassess and make any necessary updates to ensure it accurately reflects your current intentions.


Establishing and regularly reviewing your estate planning documents are crucial steps in protecting your wishes and loved ones. Whether you are in early adulthood, middle age, or beyond, understanding the appropriate milestones and circumstances for estate planning is essential. By taking proactive steps to establish your estate plan during key life events and reviewing it regularly, you can adapt to changes in your life, protect your assets, and provide for the well-being of your family and beneficiaries.

Remember, estate planning is not a one-time task but an ongoing process. It's important to review and update your estate planning documents periodically to reflect any changes in your circumstances, such as births, deaths, marriages, or divorces. Working with an experienced estate planning attorney can provide valuable guidance and support throughout this process.

In the next blog of the Estate Planning Considerations series, we will explore the following topic: When You Should Have a Revocable Living Trust.

Contact Provident Legal Counsel today to discuss your estate plan. Schedule a Consultation or call (214) 432-6100.

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Zachary J. Montgomery JD, CPA, CFE
Written By: Zachary J. Montgomery, JD, CPA, CFE
Managing Member
Published On: 
May 30, 2024
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