How to Update Your Will & Trust After Major Life Events (How To)

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Updating your will and trust after major life events is crucial to ensuring your estate plan reflects your current wishes. Whether you’ve experienced marriage, divorce, or the birth of a child, it's important to make necessary changes with the guidance of an attorney near you to avoid potential complications in the future.

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Learn how to effectively update your will and trust after major life events such as marriage, divorce, or the birth of a child. Ensure your estate plan reflects your current wishes and protects your loved ones by consulting an experienced attorney near you.

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How to Update Your Will & Trust After Major Life Events (How To)

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How to Update Your Will and Trust After Major Life Events

Estate planning is not a one-time task. Life changes, and so should your will and trust. If you have experienced a major life event—such as marriage, divorce, the birth of a child, or a financial windfall—it is important to update your estate plan to reflect your current wishes.

Failing to update your will or trust can lead to unintended consequences, such as assets going to an ex-spouse, children being left out of inheritances, or even your estate ending up in probate due to outdated beneficiary designations.

When should you update your will and trust? And how do you do it the right way? This guide walks you through the steps.

💡 For every post in this series, scroll down to “Related Posts.”

When Should You Update Your Will and Trust?

You should review and update your estate plan every three to five years or after any major life event. Below are key situations that require updates:

1. Marriage or Divorce

Marriage: Your spouse may not automatically inherit all your assets. Update your will, trust, and beneficiary designations to reflect your new spouse.

Divorce: If you do not remove your ex-spouse from your will or trust, they could still inherit your assets.

Note: Some states automatically revoke an ex-spouse’s inheritance rights, but it is best to update your estate plan to avoid legal complications.

2. Birth or Adoption of a Child

Add your child as a beneficiary in your will or trust.

Name a legal guardian in case something happens to you.

Consider setting up a trust to control how and when your child inherits assets.

If you already have a trust, specify at what age or under what conditions your child can access their inheritance.

3. Death of a Beneficiary or Executor

If a beneficiary has passed away, choose a new one.

If your executor or trustee is unable to serve, name a replacement.

Always name contingent beneficiaries and successor executors to avoid delays in asset distribution.

4. Significant Financial Changes

If you receive an inheritance, start a business, or significantly increase your wealth, update your estate plan accordingly.

Minimize estate taxes by incorporating tax-saving strategies into your trust.

Consider setting up an irrevocable trust to protect assets and reduce tax liability.

5. Moving to a New State

Estate planning laws vary by state. If you move, your current will or trust may not comply with local laws.

Update your documents to reflect state-specific inheritance and tax rules. Some states also have different requirements for executors or trustees.

6. Changes in Your Relationships

If you have a falling out with a friend, family member, or trustee, remove them from your estate plan.

If someone new plays an important role in your life, update your beneficiaries and power of attorney documents.

If you have added new stepchildren or dependents, ensure they are included in your inheritance plan.

7. Changes in Estate Tax Laws

Estate tax laws change over time. If new laws affect inheritance tax thresholds, you may need to adjust your trust to reduce taxes.

Federal estate tax laws may not apply to smaller estates, but state estate taxes could still be a concern.

How to Update Your Will and Trust

Step 1: Review Your Current Documents

Locate your will, trust, beneficiary designations, and power of attorney documents.

Identify outdated information, such as old beneficiaries, executors, or guardians.

Keep both digital and physical copies of your estate planning documents.

Step 2: Decide How You Want to Update Your Will or Trust

Making Small Changes

For minor updates such as changing a beneficiary or executor:

Use a codicil (an amendment to a will).

Create a trust amendment (for revocable trusts).

Codicils must be signed and witnessed just like a will to be legally valid.

Making Major Changes

For major changes such as adding a spouse, removing an ex, or restructuring asset distribution:

Revoke your old will and create a new one.

Restate your trust instead of amending it multiple times.

Destroy old copies of your will and notify your executor about the updated version.

Step 3: Update Beneficiary Designations

Many assets pass outside of your will or trust, including:

Life insurance policies

401(k), IRA, and other retirement accounts

Payable-on-death bank accounts

Your will does not override beneficiary designations. If your will states one thing and your life insurance policy lists a different beneficiary, the insurance company will follow the policy.

Step 4: Sign and Finalize the Updates

For a will: Sign in front of two witnesses, and in some states, a notary may also be required.

For a trust: Notarize any amendments or trust restatements.

For other documents: Update power of attorney, advance directives, and living wills as needed.

Witnesses should not be beneficiaries to avoid conflicts of interest.

Step 5: Notify Key People

Inform your executor and trustee where to find your updated estate plan.

Provide copies to your attorney, financial planner, or trusted family members.

Keep original signed copies in a fireproof safe or with your attorney.

Final Thoughts: Keep Your Estate Plan Up to Date

Estate planning is not a one-time process. If you have experienced a major life event, take the time to review and update your will and trust. Keeping your documents current protects your loved ones and ensures your final wishes are honored.

Key Takeaways:

Review your estate plan every three to five years or after major life events.

Small updates can be made with a codicil or trust amendment.

Major changes may require a new will or trust restatement.

Update beneficiary designations on all relevant accounts.

Store your documents safely and inform those responsible for managing your estate.

Need help updating your will or trust? Find a trusted estate planning attorney through ReferU.AI and secure your legacy today.

How to Update Your Will & Trust After Major Life Events (How To)

How to Update Your Will and Trust After Major Life Events