When to Update Your Estate Plan: Key Life Events to Review with Engel Professional Association
Ken Engel
Life is full of big changes—some exciting, some unexpected—but many of them have the potential to impact your estate plan. Major life events, from marriage to financial shifts, can alter your wishes, legal responsibilities, and asset distribution. Without updates, outdated instructions or state laws may determine what happens to your estate.
At Engel Professional Association, serving clients in Minnesota (Minneapolis, St. Paul) and Wisconsin (Hudson, Madison, Milwaukee, River Falls), we guide individuals and families through proactive estate planning so their documents stay current and their wishes are honored.
Here are some of the most important times to review your estate plan:
Becoming a Parent
Welcoming a child is both thrilling and overwhelming. It’s essential to update your estate plan to protect your child financially and clearly designate guardianship in case of an emergency. Working with an estate planning attorney in Minneapolis or Madison ensures your child’s future is safeguarded and your plan reflects your growing family.
Getting Married or Divorced
Marriage brings significant legal and financial changes that affect how your assets are distributed. Likewise, divorce requires immediate updates to prevent unintended beneficiaries—such as an ex-spouse—from inheriting your estate. Our estate planning lawyers in St. Paul, Hudson, and Milwaukee can help you adjust your documents so they align with your current circumstances.
Death of a Beneficiary or Executor
If someone named in your estate plan passes away, your documents should be updated promptly. Revising your beneficiary and executor designations ensures your estate is carried out according to your wishes, preventing confusion or disputes later.
Moving to a New State
Relocating across state lines—such as moving between Minnesota and Wisconsin—requires careful review of your estate documents. Because estate planning laws differ from state to state, it’s vital to ensure your will, trust, and powers of attorney comply with local regulations.
A Significant Change in Assets
Financial changes such as receiving an inheritance, starting a business, or facing hardship can all impact your estate plan. Adjusting your documents to reflect these changes ensures your plan remains aligned with your long-term goals and financial situation.
Stay Proactive with Your Estate Planning
At Engel Professional Association, we recommend reviewing your estate plan every three to five years—or whenever a major life event occurs. Consulting with a skilled estate planning attorney in Minneapolis, St. Paul, Hudson, or Madison can help you navigate these updates with confidence.
Being proactive means your wishes are honored, your loved ones are protected, and your plan always reflects your current life. If you’re ready to update your estate plan, contact Engel Professional Association today for trusted guidance across Minnesota and Wisconsin.