Reasons to review and update your estate plan

September 1, 2026
Even though you have all your important documents in place, life changes — and so may your plans. Here's when to take another look.
You have an estate plan that ensures your loved ones will be protected and your wishes will be carried out if you die or become incapacitated. You've written a will, named guardians for young children, granted power of attorney to a friend or family member, and designated someone to oversee your medical care.
Estate planning Estate planning, however, is not a set-it-and-forget-it event. As life progresses and your finances, personal relationships and circumstances shift, your plan should evolve, too. "Your needs, goals and wishes may also change," says Jason Albano, managing director and wealth strategies executive, Bank of America. "The biggest reason to update your plan is to make sure it still reflects your beliefs."
Even if nothing has changed, Albano notes, you should review your estate plan every three to five years. But certain events and situations should prompt a review and updates sooner.

Major life changes

"Marriage, divorce, the birth or adoption of a child or grandchild, and the death of a loved one — those are all triggering events that should at least lead you to dust off those estate planning documents and give them a read," Albano says. A vital step is to review and update your account beneficiary designations account beneficiary designations. Here are some key things to consider should any of these life events happen.
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5 important life events that could change your estate plans
Event What to consider Don't overlook this
Marriage
 This happy event can mean far-reaching changes to your will, power of attorney, healthcare proxy, beneficiaries may need updating after a marriage and life insurance. With a second marriage, you may want to consider how your estate plan provides for children from a previous marriage, in addition to your new spouse.
Divorce
 As you revise your will and the names on your power of attorney and healthcare directive, also check who is listed as a beneficiary on your retirement and other financial accounts. Beneficiary designations may need updating after a divorce take precedence over a will, so failing to update those could mean that an ex-spouse inherits.
A new child
 For parents, a crucial step is naming a guardian in your will. You may also want to update your beneficiary designations after the birth of a new child and increase your life insurance coverage when you welcome a new child. If you're a grandparent, you may want to consider taking advantage of the annual gift tax exclusion to help support a grandchild or updating your own beneficiaries.
The death of a loved one
 If your primary beneficiary predeceases you, you may want to update the beneficiaries after the death of a loved one of your will, trust and financial accounts, including naming new and contingent beneficiaries. You may also want to update who is given your power of attorney and named as healthcare proxy.
Changes to your health
 If you are diagnosed with a serious illness, it's essential to update your healthcare proxy to include specific instructions about your medical care, process for making decisions and end-of-life directives. Consider updating the executor of your will or adding a second one if distributing a larger and more complex estate will require special skills. The same goes with the trustees of any trusts. You may also want to consider working with a financial advisor if you don't already have one.

Your wealth increases significantly

Your finances can change for the better for many reasons: an inheritance, a promotion or new job that leads to a pay bump, selling property or the sale of a business you've made a success through years of hard work. Consider the following updates you may want to make to your estate plan as a result.
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Greater wealth may prompt you to add beneficiaries to your will, such as charitable organizations or a wider circle of friends or family.
With more financial resources, you may want to establish a trust so you can ease the settlement of your estate, have more control over the distribution of your assets, potentially reduce estate taxes or enable charitable giving with a greater thought to tax implications.
Consider updating the executor of your will or adding a second one if distributing a larger and more complex estate will require special skills. The same goes with the trustees of any trusts. You may also want to consider working with a financial advisor you don't already have one.
View slide 1 of 3. Additional beneficiaries  View slide 2 of 3. The addition of a trust  View slide 3 of 3. More experienced managers 

Four surprising reasons to revisit your plan

It's easy to see why major life events and changing financial circumstances should initiate a review of your estate plan. But there are also less obvious, yet equally important, reasons to consider updates.
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"I always recommend updating your documents so they're drafted by someone practicing in the state you now reside in," Albano says. "There are different execution requirements, so if you have a healthcare power of attorney, you want it to be one that doctors in your state are familiar with." Plus, your new home state may tax estates differently (or not at all).
Changes to federal and state laws could necessitate updates. For example, the amount of money you can gift annually and over your lifetime without triggering gift tax reporting typically changes every year, which can influence how much you transfer to your loved ones now.
Aside from marriage, divorce and death, less obvious relationship shifts may trigger a review of your estate plan. For example, a change in your relationship with a sibling or friend could mean you want a new healthcare proxy. If the people named as guardians of your children have moved, it might not be practical for them to step in if something happens to you.
As your children mature, you may want to assign them more responsibility for your affairs. That could mean naming them as an executor of your will, designating them as a trustee of your trust, or adding them to your power of attorney and healthcare proxy.
View slide 1 of 4. Moving to a new state  View slide 2 of 4. New laws and tax rules  View slide 3 of 4. Relationship changes  View slide 4 of 4. Your children becoming adults 
Remember this: One big reason to have an estate plan in place is to make life less challenging for your loved ones and heirs should something happen to you. It's sort of like a final gift you can give them. So as your life evolves, kids grow up and circumstances shift, so too might the ways in which you seek to make things easier for your loved ones.

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Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

This article is designed to provide general information about ideas and strategies. It is for discussion purposes only since the availability and effectiveness of any strategy are dependent upon your individual facts and circumstances. Always consult with your independent attorney, tax advisor, investment manager and insurance agent for final recommendations and before changing or implementing any financial, tax or estate planning strategy.

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