When to Update Your Estate Plan: A Post-Event Checklist

An estate plan that isn’t reviewed after major life changes can create confusion, unexpected tax exposure, and family disputes. Below is a practical, prioritized checklist you can follow after common triggering events — marriage, divorce, birth or adoption, relocation, inheritance, a significant change in assets, or the death of a named beneficiary or caregiver.

In my work as a financial educator and advisor, I’ve seen otherwise well-crafted plans fail because a single beneficiary designation was left unchanged. These are often quick fixes, but they require action and documentation.

Quick checklist you can act on this week

• Locate your core estate documents: will, revocable trust (if any), durable power of attorney, advance health care directive, and recent beneficiary statements for retirement accounts and insurance.
• Check beneficiary designations on employer retirement plans, IRAs, life insurance, and annuities — these override your will in most states.
• Confirm the names and contact details of your executor, trustee, agent under power of attorney, and guardian for minor children.
• Note state residency changes — moving states can require updates to ensure documents are valid under new state law.

Why updating matters (short primer)

Estate-plan documents are legal instruments that control who receives property, who manages affairs if you’re incapacitated, and who makes health-care decisions for you. Errors or outdated provisions can lead to:

• Assets passing to unintended beneficiaries (often because retirement accounts or insurance policies still name an ex-spouse).
• Unnecessary probate delay and legal fees.
• Tax inefficiencies if your plan doesn’t consider recently acquired wealth or new tax rules.
• Family conflicts when roles (guardian, trustee, executor) are no longer appropriate.

Authoritative guidance from the IRS and the Consumer Financial Protection Bureau explains the importance of beneficiary designations and proper documentation when distributing assets (see IRS estate tax resources and CFPB estate-planning guidance: https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax; https://www.consumerfinance.gov/). Always check current federal and state rules before making changes.

Event-specific checklist and timing

1) Marriage

• Immediate actions (within 30 days): update beneficiary designations and consider whether to add your spouse to joint accounts. Review beneficiary language in your will and trust.
• Considerations: In some states, marriage automatically revokes a will. Confirm local rules with an attorney.

2) Divorce or legal separation

• Immediate actions: review and (if appropriate) change beneficiary designations on retirement accounts and life insurance; update will, trust, powers of attorney, and health-care directives.
• Practical note: Some states have statutes that automatically remove an ex-spouse from certain roles but not from beneficiary forms. Don’t assume the law handles everything for you.

3) Birth or adoption of a child

• Immediate actions: name a guardian and update beneficiary designations and any trust provisions for minors; consider a trust instead of outright inheritance if you want controlled distributions.
• Added step: update life insurance and retirement account beneficiaries so your new child is provided for.

4) Death of a beneficiary, executor, or guardian

• Immediate actions: replace named people in documents and update contingent beneficiaries. If a trust or will names a residue beneficiary that predeceased you, clarify distribution instructions.
• Tip: Keep alternate names (contingent beneficiaries) current to avoid intestacy.

5) Significant change in assets (inheritance, sale of a business, windfall)

• Timing: update within 30–90 days after the change.
• Actions: re-evaluate tax planning (gift and estate tax exposure), consider trusts for asset protection or tax planning, and rebalance executor/trustee instructions.
• Note: Large wealth changes often trigger estate-tax planning opportunities and may require coordination with an estate attorney and tax advisor.

6) Move to a different state or country

• Timing: before or immediately after relocation.
• Actions: review whether your wills, trusts, and powers of attorney comply with the new state’s law. Some states have different rules for witnessing and notarization.
• If you are a U.S. green-card holder moving to/from another country, consider cross-border estate planning rules (see our guide for green card holders).

7) Changes in health or long-term care needs

• Immediate actions: update durable power of attorney and advance health-care directive; confirm funding for long-term care (insurance, assets in appropriate trust).
• Practical tip: name a health-care proxy who understands your wishes and can act quickly.

What to review in each document

• Will: executor, guardians for minors, specific gifts, residuary clause, and tax-language if you have a taxable estate.
• Revocable trust: successor trustee, funding status (have you moved assets into the trust?), distribution timing, and trust protector clauses.
• Beneficiary forms: review all retirement accounts, IRAs, 401(k)s, life insurance, and annuities. These forms typically control over a will.
• Powers of attorney: durable financial power and health-care proxy should name people you trust and include successor agents.
• Payable-on-death (POD) and transfer-on-death (TOD) designations: bank and brokerage accounts.
• Digital asset plan: login details, password vault instructions, and named digital executor (see our piece on estate plans for digital assets).

Useful internal resources:

• Estate Plans for Digital Assets and Online Accounts: https://finhelp.io/glossary/estate-plans-for-digital-assets-and-online-accounts/
• Estate Planning Checklist for New Parents: https://finhelp.io/glossary/estate-planning-checklist-for-new-parents/
• Estate Planning for Blended Families: https://finhelp.io/glossary/estate-planning-for-blended-families/

Practical sequencing and timelines

• Week 1: Gather documents and log into online accounts. Change any immediate beneficiary forms if there’s a pressing reason (e.g., divorce or death).
• Weeks 2–4: Meet with your estate attorney and financial advisor to decide on specific document changes. Update and sign required documents according to state law (witnesses, notarization).
• Month 1–3: Retitle assets if using a revocable trust. Transfer deeds, accounts, and insurance policies as advised.
• Ongoing: Schedule reviews every 3–5 years or after any event in this checklist.

Common mistakes and how to avoid them

• Relying only on a will: retirement accounts and life insurance pass by beneficiary form, not by will. Always verify beneficiary forms after any life event.
• Forgetting digital assets: add clear directions for access and a named digital executor.
• Not funding a trust: a trust that holds no assets won’t avoid probate or achieve its goals. Transfer titles and accounts promptly.
• Using outdated executors/trustees: choose alternates who are willing and able to serve, and refresh contact info.

Cost and who to involve

• Attorneys: an estate attorney is recommended for complex estates, blended families, trusts, or interstate moves. Expect a range of fees depending on complexity; many lawyers offer flat-fee packages for straightforward updates.
• Financial advisors: coordinate to update beneficiary designations and titling of investment accounts.
• Tax advisors: consult when you have a significant change in wealth or plans that implicate gift or estate taxes. The IRS provides general information on estate tax rules; check current thresholds before acting (https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax).

In my practice, a coordinated meeting with an attorney and tax advisor avoids costly rework. I recommend bringing an itemized asset inventory and recent account beneficiary forms to that meeting.

Practical examples

• Client example (birth of a child): Parents updated their wills to name guardians, set up a minor’s trust in the revocable trust, and changed life insurance beneficiaries. That avoided the need for court-appointed conservatorship for minor inheritance.
• Client example (divorce): One client discovered their ex-spouse remained beneficiary on an employer 401(k). An immediate beneficiary update and new will eliminated unintended distributions.

Frequently asked specifics

• How often should you review estate documents? Aim for a formal review every 3–5 years and an immediate review after any major life event.
• Can beneficiary forms be changed without an attorney? Yes — most institutions provide beneficiary-change forms — but consult an attorney if changes interact with trust language or state law.

Professional disclaimer

This article is educational and does not constitute legal or tax advice. Estate planning laws vary by state and change over time. Consult a licensed estate planning attorney and tax professional for guidance tailored to your situation.

Key takeaways

• Major life events should trigger a prompt review of wills, trusts, beneficiary forms, and powers of attorney.
• Beneficiary designations usually govern assets like retirement accounts and life insurance — review them first.
• Coordinate with an estate attorney and tax advisor for complex changes, interstate moves, or significant wealth events.

For further reading, see our guides on digital-asset planning and new-parent estate checks listed above. Staying proactive preserves your intentions and reduces the risk of costly confusion for those you leave behind.