Creating an estate plan is an essential step in protecting your family and ensuring your wishes are honored. But an estate plan is not a “set it and forget it” document—it’s a living plan that should evolve with your life. Significant events, changes in laws, or shifts in your goals may require an update to keep your estate plan relevant and effective.
Here’s a guide to help you understand when and why to review and update your estate plan.
When to Update Your Estate Plan
1. After Major Life Events
Life doesn’t stand still, and neither should your estate plan. Consider updating it after events such as:
• Marriage or Divorce: Update your documents to include (or exclude) your spouse, adjust beneficiary designations, and modify power of attorney assignments.
• Birth or Adoption of a Child: Add provisions for guardianship and include your new child as a beneficiary.
• Death of a Beneficiary or Trustee: Revise your plan to reassign roles and ensure your assets are distributed as intended.
• Relocation to a New State: Your revocable living trust will travel with you, but different states have different laws regarding estate planning. For Oregon residents, it’s critical to ensure your plan aligns with the state’s probate and tax rules.
2. Significant Financial Changes
Your estate plan should reflect your current financial situation. You should update it after:
• Acquiring or Selling Property: Make sure your real estate and other assets are properly titled and accounted for in your plan.
• Starting or Selling a Business: Include or update business succession plans to ensure continuity or proper distribution of business interests.
• Substantial Increase in Wealth: Incorporate strategies, such as trusts, to minimize estate taxes and protect your assets.
3. Changes in Laws
Estate planning laws can change at both the federal and state levels. For example:
• Federal Estate Tax Exemption: The current exemption is $12.92 million per individual (2025), but this is set to decrease in 2026 unless Congress acts.
• Oregon Estate Tax: With a $1 million threshold, Oregon residents should regularly review their estate plans to minimize state tax liabilities. Working with an estate planning attorney ensures your plan remains compliant and takes advantage of any new opportunities.
4. As Your Family Grows and Changes
Family dynamics can shift over time, requiring updates to reflect your current relationships:
• Children Coming of Age: As your children turn 18, they may need powers of attorney or other provisions in their own right.
• Grandchildren: Update your plan to include gifts or provisions for a new generation.
• Changing Relationships: If a previously trusted beneficiary, trustee, or executor is no longer the right choice, revise your plan accordingly.
Why It’s Important to Update Your Estate Plan
1. Protect Your Loved Ones
Without regular updates, your estate plan may not account for new family members, changed circumstances, or even outdated beneficiary designations. This can lead to unnecessary confusion, disputes, or even court battles.
2. Avoid Probate Pitfalls
In Oregon, an outdated estate plan may leave your estate vulnerable to probate, a time-consuming and public process. Proper updates—such as transferring assets, such as the deed to your family home, into a revocable living trust—can help avoid this.
3. Minimize Taxes
For Oregon residents, the estate tax exemption is much lower than the federal level. By regularly updating your plan, you can incorporate tax-saving tools like irrevocable trusts, charitable giving, or lifetime gifting strategies to minimize your estate’s tax burden.
4. Reflect Your Current Wishes
Your values and goals may change over time. Whether it’s supporting a new charitable cause or shifting the focus of your legacy, keeping your estate plan up to date ensures it reflects your most current intentions.
How Often Should You Review Your Estate Plan?
As a rule, you should review your estate plan every 3-5 years or sooner if a major life event or legal change occurs. A quick check-in with your attorney can help identify gaps or opportunities for improvement. At Bridgeport Law Group, changes to your plan are free for the first year. We email our estate planning clients every three years to check in with them about any life changes that may have occurred so we can keep their plans up to date.
Work With an Estate Planning Attorney
Updating an estate plan can be complex, especially if it involves trusts, tax strategies, or blended family dynamics. At Bridgeport Law Group, we help Oregon and Washington residents keep their estate plans current, compliant, and tailored to their needs.
If it’s been a while since you last reviewed your estate plan—or if you’ve experienced any life changes—schedule a consultation with us today. Together, we’ll ensure your plan grows with you and protects what matters most.