Why Updating Your Estate Plan After a Major Life Change Matters
Many people create an estate plan with the best of intentions — sometimes after a milestone birthday, health scare, or the birth of a first child — and then tuck the documents away, assuming everything is “taken care of”. But life rarely stands still. Families change, finances change, health changes, relationships change, and even the law can change. An estate plan that was perfectly suited to your life ten or twenty years ago may no longer reflect your wishes today.
For older adults in particular, staying current is essential. A well-maintained estate plan protects not just your assets, but your family, your peace of mind, and your legacy.
Life moves forward, and so should your estate plan
These are some of the most common life changes that should trigger a review of your estate plan:
- Marriage, divorce, or remarriage – Changes in marital status often require immediate updates. Beneficiaries may need to be added or removed. Your personal representative (executor) may no longer be the right choice. Powers of attorney or advance medical directives may need new trusted individuals in charge.
- New children or grandchildren – Many clients assume their existing will “automatically” includes new grandchildren or great-grandchildren. Often, however, it does not. Specific planning is needed to provide for them, protect their inheritances, or set up trusts for education or disability needs.
- Significant changes in wealth or assets – Selling a home, downsizing, inheriting money, buying a vacation residence, or starting or selling a business can all change the tax and distribution picture. Without updates, your plan can leave certain assets unprotected or unintentionally favor one beneficiary over another.
- Declining health or a new medical diagnosis – As we age, planning for incapacity becomes just as important as planning for death. If you haven’t reviewed your durable power of attorney or advance medical directives in years, you may be missing important protections. Updated documents ensure the people you trust most can help manage your care and finances, if needed.
- Relocation to another state – Estate-planning laws vary from state to state. Documents created elsewhere may still be valid, but they often fail to take advantage of Virginia’s specific protections and requirements. A short legal review can prevent major complications later.
Aging, legacy, and peace of mind
A lot of people put together an estate plan once and then don’t think about it again. It’s totally understandable. Life gets busy. But here’s the thing: families change, laws change, and even your own priorities will change over time. And when your plan doesn’t keep up, it can leave the people you care about in a tough spot.
We’ve seen it happen. An old will or outdated paperwork leads to delays, confusion, and sometimes painful family disagreements. There might be unexpected taxes or legal hurdles that could have been avoided. And all of this could hit at the worst possible time — when your loved ones are already grieving or under pressure.
A current plan should:
- Make sure your belongings go where you want them to
- Prevent fights or tension among family members
- Protect kids, grandkids, or anyone else who might need extra support
- Spell out what should happen if you have a medical emergency
- Make things easier for your spouse or adult children when they’re handling your affairs
- And most importantly, it gives you a voice — so even if you can’t speak, your wishes are clear
Talk to a Virginia Beach Estate Planning Lawyer Today
The Law Office of Angela N. Manz represents the interests of those looking to create or revise their estate plan. Call our Virginia Beach estate planning lawyers today to schedule an appointment, and we can begin discussing your next steps right away.