When was the last time you looked at your estate plan? If your answer is “not since I signed it,” you’re not alone. Many people treat estate planning as a one-and-done task, tucking away their documents and assuming everything will work as intended forever. But just like our lives, laws, and families evolve, our estate plans need refreshing too.
Refresh Your Estate Plan
Think of your estate plan like a home: even the most solid construction requires maintenance over time. Major life events—marriage, divorce, the birth of children or grandchildren, business changes, or even a move to another state—can all alter how your plan should be structured. Tax laws and state laws also change, and what worked five years ago may now create unnecessary tax burdens or complications.
Refreshing your estate plan doesn’t always mean starting from scratch. Sometimes it’s as simple as updating beneficiary designations, adding a new trustee, or adjusting distribution terms. Other times, a full overhaul may be necessary to align with your current goals and circumstances.
Refresh Your Memory
Even if nothing major has changed in your life, it’s wise to revisit your documents every few years just to remind yourself of what they say.
Do you remember:
- Who you named as your executor or trustee?
- Who would serve as guardian for your children?
- How and when your beneficiaries receive their inheritance?
- Whether your health care directives still reflect your wishes?
Refreshing your memory ensures you not only understand what your plan does, but also gives you peace of mind that it still reflects your intentions.
A Forward-Looking Habit
The most effective estate planning is proactive, not reactive. By refreshing your estate plan regularly—every three to five years, or sooner if you’ve experienced a major change—you keep it aligned with your life and the law. You also strengthen family communication, reducing the risk of confusion or conflict later.
Final Thought
Your estate plan is one of the most important gifts you can give your loved ones. Don’t let it grow stale. Take time to refresh your plan and your understanding of it. A small investment today can prevent big headaches tomorrow. Your attorney at Thrash, Carroll & Sanchez Law Group is here for you! Even if we didn’t prepare your original plan or you just moved to Austin from another state, we can help. Call us today at 512-263-5400 or email info@tcslawgroup.com to schedule your complimentary review.