Creating an estate plan is an important first step. Keeping it current matters just as much.
Your estate plan should reflect your life as it looks today—not the way it looked five, ten, or twenty years ago. Relationships change. Assets change. Laws change. Family responsibilities change. If your documents do not keep up, then your loved ones may face confusion, delays, or decisions that no longer match your wishes.
At True North Wealth Management, we encourage clients to review their estate strategy regularly and after major life events.
Estate Planning Is Not One-and-Done
Many people create estate documents and then put them away for years.
That can create problems.
An outdated will, trust, power of attorney, healthcare directive, or beneficiary designation may no longer reflect the people you trust, the assets you own, or the legacy you want to leave.
Trust & Will’s 2025 Estate Planning Report found that 83% of Americans recognize the importance of estate planning, yet only 31% have a will. That gap shows how easy it can be to delay the process—or to assume a plan is “done” once basic documents exist.
Estate planning works best as an ongoing part of your financial life.
Review Your Estate Plan Every Few Years
As a general rule, consider reviewing your estate plan every three to five years.
That review does not always require a complete rewrite. Sometimes the documents still work well. Other times, a small update can prevent a major future problem.
A periodic review can help confirm:
- Your executor or trustee is still the right person.
- Your guardian choices still make sense.
- Your beneficiaries are current.
- Your healthcare wishes remain accurate.
- Your financial power of attorney names the right decision-maker.
- Your assets are titled properly.
- Your trust, if you have one, is funded as intended.
- Your retirement and life insurance beneficiaries match your overall plan.
Update Your Plan After Major Life Events
Some events should trigger an estate-plan review right away.
These may include:
- Marriage
- Divorce
- Birth or adoption of a child
- Death of a spouse, beneficiary, executor, trustee, or guardian
- A move to another state
- Significant health changes
- A new diagnosis or disability
- Purchase or sale of a home
- Sale or transfer of a business
- Major inheritance
- Retirement
- A meaningful change in net worth
- Family conflict or estrangement
- A change in charitable goals
- A change in tax law
Even positive life events can make old documents outdated.
Do Not Forget Beneficiary Designations
A will does not control every asset.
Retirement accounts, life insurance, annuities, transfer-on-death accounts, and payable-on-death accounts often pass by beneficiary designation. Those forms may override instructions in a will.
That means an outdated beneficiary form can create unintended results.
Review beneficiary designations regularly, especially after marriage, divorce, death, or the birth of a child.
Review Your Decision-Makers
Estate planning is not only about who receives assets. It also names the people who may act for you.
These roles may include:
- Executor or personal representative
- Trustee
- Guardian for minor children
- Financial power of attorney
- Healthcare power of attorney
- Backup decision-makers
The right person years ago may not be the right person today. Age, health, location, family dynamics, financial skill, and willingness to serve all matter.
You may also decide that a trusted friend, professional, or institution fits better than a family member in certain roles.
Consider a Family Conversation
You do not need to share every financial detail with your family. However, a thoughtful conversation can reduce confusion later.
You may want to explain:
- Who will serve in key roles
- Where documents are stored
- Who to contact in an emergency
- Your healthcare preferences
- Your general wishes for property or charitable giving
- How you want family members to handle difficult decisions
Clear communication can help reduce conflict and give loved ones confidence during a stressful time.
Use Online Tools Wisely
Online estate-planning tools can help many people take a first step.
TNWM works with Trust & Will to help clients create or update essential estate documents in a more accessible way. For many families, that can provide an efficient starting point.
However, some situations require direct guidance from an estate-planning attorney. These may include blended families, business ownership, special-needs planning, complex tax issues, substantial assets, out-of-state property, contested family dynamics, or trusts requiring custom language.
Keep Your Estate Plan Connected to Your Financial Plan
Your estate strategy should work alongside your retirement plan, investment accounts, insurance, tax planning, business interests, and charitable goals.
At True North Wealth Management, we help clients review how estate documents, account titling, beneficiary designations, and long-term financial goals fit together.
A current estate plan can help protect your wishes, reduce uncertainty, and make things easier for the people you love.
If it has been several years since your last review—or if your life has changed—it may be time to revisit your estate strategy.
Important Disclosures:
This material is for informational purposes only and is not intended as legal, tax, accounting, estate-planning, insurance, or individualized financial advice. Estate laws, probate rules, beneficiary designations, trust administration, tax treatment, and document requirements vary by state and individual circumstances. Online estate-planning tools may not be appropriate for every situation. Consult qualified legal, tax, insurance, and financial professionals regarding your circumstances.
Trust & Will’s 2025 Estate Planning Report reported that 83% of Americans recognize the importance of estate planning, but only 31% have a will; its 2026 report shows will ownership declined to 26%, reinforcing the broader gap between awareness and action.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.