When you first created your estate plan, your children might have been toddlers, or maybe you hadn’t even started your family yet! But life moves fast. Suddenly your preschooler is heading to middle school, your teen is thinking about college, or your adult child is navigating a career or family of their own.
Just like your family changes over time, your estate plan should evolve too.
An estate plan isn’t something you create once and forget about. It’s a living set of documents meant to reflect your life, values, and goals, and all of those shift as your children grow. At Stevenson Smith Hood Knudson, P.C., we believe in building long-term relationships with our clients so your estate plan continues to serve your family well, no matter what stage of life you’re in.
Let’s take a closer look at when and why you should update your estate plan and how we can help you make those changes with confidence and clarity.
Why Revisit Your Estate Plan?
Your estate plan outlines your wishes for what happens to your assets and, just as importantly, your loved ones. When your children were young, your focus may have been naming a guardian and ensuring financial support if something unexpected happened. As they grow, your concerns and your legal needs start to shift.
When you update your estate plan, you might need to:
- Adjust who you’ve named as guardian, trustee, or executor.
- Update financial instructions based on your current situation.
- Add or remove beneficiaries.
- Plan for your adult child’s financial future or special needs.
- Ensure your children won’t inherit a large sum of money all at once if they’re not yet ready to manage it.
If you’ve welcomed new children into your family, gotten divorced or remarried, or experienced other life changes, those are also clear signs it’s time to update your estate plan and give it a legal refresh!
Milestones That Signal It’s Time to Update
Here are some common events that may prompt a review of your estate plan:
1. Your Child Starts School
As children enter school, your parenting routine becomes more structured and your estate plan should be, too. This is a good time to make sure guardianship choices still make sense and that your will includes clear instructions for your child’s care if something happens to you.
2. Your Child Becomes a Teen
Teenagers come with new responsibilities and more independence. You may want to include plans for education funding, driving privileges, or other big decisions in your estate documents or trust.
3. Your Child Turns 18
Once your child becomes a legal adult, they can make medical and financial decisions for themselves—but that doesn’t mean you no longer need to plan for them. In fact, it’s a key time to:
- Name your child in roles such as power of attorney or health care proxy (if appropriate).
- Consider setting up trusts with specific age-based distributions or instructions.
- Update your will or trust to reflect any life goals or support they may need during early adulthood.
4. Your Child Gets Married or Has Children
When your family expands, so should your estate plan. You may want to protect assets in case of future divorce, ensure inheritance for grandchildren, or support your adult children through family transitions.
5. Your Own Life Changes
Don’t forget about the rest of your life! If you experience a major shift like divorce, remarriage, retirement, moving to a new state, or inheriting new assets, those all warrant a possible update to your estate plan as well.
What Should You Update?
When you meet with your attorney, you’ll want to review the following parts of your estate plan:
- Will or Trust: Does it reflect your current wishes and beneficiaries? Are your named trustees or executors still the best choices?
- Guardianship: Do you still feel confident in your chosen guardian for minor children?
- Healthcare Directive: Are your healthcare instructions up to date? Would your adult child want to take on this responsibility?
- Financial Power of Attorney: Is your agent still willing and able to act on your behalf if needed?
- Beneficiary Designations: Have you checked your life insurance, retirement accounts, and other policies recently?
- Letters of Intent: If you wrote a non-binding letter to your child’s guardian or trustee, make sure it still aligns with your family’s routines, preferences, and values.
A Long-Term Relationship with Your Attorney
At SSHK, we don’t view estate planning as a one-and-done transaction. Our goal is to walk with you over the years, updating your plan as life unfolds and your family grows.
When you partner with us, we get to know your family, your values, and your long-term goals. That means when a life event happens (a new baby, a college graduation, a wedding) our team is already up to speed and can help you make thoughtful changes with ease.
Don’t Let an Outdated Plan Create Problems
Many families never revisit their estate plan after it’s created, which can lead to serious issues later on. An outdated plan might:
- Leave someone out (like a new child or stepchild).
- Put someone in charge who is no longer willing or appropriate.
- Fail to account for your current financial situation.
- Distribute assets in ways that no longer match your wishes.
Reviewing your plan every three to five years, or after any major life event, is a simple step that can prevent confusion, legal challenges, and unnecessary stress down the road.
Ready for a Review?
You don’t need to wait for a big change to check in. In fact, doing a quick review before anything major happens is one of the best ways to ensure your family is protected.
If you’re a parent in Utah wondering whether your estate plan is still working for your family, let’s talk. At Stevenson Smith Hood Knudson, P.C., we’re here to help you navigate every chapter of life with clarity, confidence, and care.
