Almost everyone who completes an estate plan feels a sense of peace of mind knowing their affairs are in order. However, estate planning isn’t a “set it and forget it” task. Your plan should reflect your current life circumstances, relationships, and goals. Over time, families grow, financial situations shift, and laws change.
Here are some key life events to watch for and ensure you make estate plan changes as needed.
Why It’s Important to Update Your Estate Plan
Keeping your estate plan current ensures that your wishes are clear, your beneficiaries are accurate, and your loved ones are not left with confusion or unnecessary stress.
Even if you haven’t experienced a major life change recently, it’s wise to revisit your estate plan every three to five years. A brief review with an estate planning attorney can reveal small but important updates, like replacing an outdated executor or adjusting for a new state law.
In Iowa, a valid will must meet formal requirements (writing, capacity, two witnesses) and state law governs how estates pass if you die without one.
What Life Events Trigger an Estate Plan Update?
Reviewing your documents after major life milestones ensures that your wishes, family roles, and financial details all stay aligned with your current life. Below are some of the most common “trigger events” to watch for.
Marriage or Divorce
A change in marital status is one of the most significant triggers for updating an estate plan. Newlyweds often want to include their spouse in wills, trusts, and powers of attorney. After a divorce, you’ll want to remove your former spouse from these roles and update beneficiary designations on life insurance, retirement accounts, and payable-on-death (POD) accounts.
Iowa law provides certain protections to spouses and establishes intestacy rules if no will is updated.
Birth or Adoption of a Child or Grandchild
Adding a new member to your family is a key moment to update your estate plan. You may wish to name a guardian, create a trust for your child’s future, or adjust how assets will be distributed. If minors become part of your estate plan, confirming that your plan reflects your current family and financial goals is wise.
Death or Illness of a Loved One
If someone named as a beneficiary, executor, trustee, or guardian passes away or becomes unable to serve, you’ll need to revise your plan to fill those important roles. Failing to update these roles may lead to confusion, delay, or possibly court-appointed substitutes.
Moving to a New State
If you’ve recently moved to or from Iowa, it’s important to review your estate plan with an Iowa attorney. Each state has unique laws governing property, probate, and healthcare directives. What worked in another state may not be valid here. For example, Iowa statutes govern the execution of wills and the distribution of intestate estates.
Retirement or Major Financial Changes
Retirement often brings new goals, investments, and tax considerations. Likewise, changes such as starting a business, selling property, or acquiring new assets like cryptocurrency should all prompt a review. Consider these examples:
- You’ve purchased a vacation home or sold a rental property.
- You’ve inherited assets from a relative.
- You’ve experienced major medical expenses or bankruptcy.
Each of these financial events can affect your estate plan’s structure and your overall long-term strategy.
Don’t Overlook Beneficiary Designations
One of the most common oversights in estate planning is forgetting to update beneficiary designations. Accounts such as life insurance policies, IRAs, and 401(k)s pass directly to the named beneficiaries, regardless of what your will says.
Failing to update these could result in unintended outcomes, such as an ex-spouse or distant relative receiving assets meant for someone else.
Reviewing Your Estate Planning Documents
A thorough estate plan review includes updating:
- Your will – Reflects your current assets and beneficiaries, must meet Iowa’s formal requirements (writing, signature, witnesses) to be valid.
- Trusts – Ensures they meet your family’s needs and goals. In Iowa, trusts are governed under separate statutes.
- Powers of attorney – Confirms who can manage your finances and healthcare if needed.
- Healthcare directives and HIPAA releases – Ensure your preferences and chosen decision-makers remain accurate.
If it’s been more than three years since your last review, or if any of the above life events have occurred, it’s time to take another look. Regular reviews help avoid outdated or invalid documents and align your plan with current laws and circumstances.
Keeping Your Plan Current Means Protecting What Matters Most
Your estate plan is a living reflection of your life, not a one-time task to check off a list. As your family grows and circumstances evolve, keeping your plan current helps prevent confusion, avoid unintended outcomes, and make sure your wishes are honored exactly as you intend.
At Pearson Bollman Law, we understand that updating your estate plan can feel overwhelming, but you don’t have to do it alone. Whether you’ve recently experienced a major life event or it’s simply been a few years since your last review, request a consultation today.
References: “Life can change on a dime. Here’s how to tell if it’s time to change your estate plan,” Florida Today (May 31, 2025) and “Understanding Iowa’s Will Laws and Probate Procedures,” LegalClarity and “Iowa Wills vs. Trusts: The Hawkeye State’s Unique…,” Insurance & Estates.