November Reset: Why Now Is the Perfect Time to Update Your Estate Plan
As the year draws to a close and the holiday season begins, November often brings a natural sense of reflection. It’s a time when families come together, goals are reassessed, and people start thinking about what matters most. Between year-end financial planning, charitable giving, and preparing for a new year, this month offers the perfect opportunity to pause and make sure your estate plan still reflects your current life and intentions.
Estate planning is one of those tasks that can easily fall into the category of “done and forgotten.” Once a will is signed or a trust is established, it can feel like the hard work is over. However, the reality is that an estate plan should be viewed as a living set of documents that evolves with you. As your life, family, and finances change, your estate plan needs to be updated to stay effective.
November is the ideal time for this kind of review. It’s late enough in the year to have a clear picture of what’s changed in your life but early enough to make updates before the rush of the holidays or the new year. You’re likely already thinking about finances, taxes, and year-end goals, making it easy to include estate planning in that mindset. A quick review now can prevent future confusion, reduce taxes, and ensure your loved ones are protected.
The truth is that even the most carefully crafted estate plan can become outdated if not revisited regularly. A will or trust written years ago may no longer reflect your current wishes, relationships, or financial situation. For example, if you’ve had a major life event—like marriage, divorce, the birth of a child, a new home purchase, or a business change—your existing documents might no longer serve your best interests. Updating your plan ensures that your estate continues to reflect who you are and what you value most.
Life Events That Should Trigger an Estate Plan Review
One of the most common questions estate planning attorneys hear is: “When should I update my estate plan?” The answer is simple—any time your life changes in a meaningful way.
The most obvious reason is marriage or divorce. Both significantly change your legal and financial landscape. A new marriage may mean adding a spouse to your estate plan as a beneficiary or decision-maker, while a divorce typically requires removing your former spouse from your will, trust, or powers of attorney. Failing to make those changes could mean your assets end up in the wrong hands or your ex retains decision-making power in a crisis.
The next major reason to update your estate plan is the birth or adoption of a child or grandchild. Few life events are more joyful, and each new addition to your family should be reflected in your estate documents. Naming guardians for minor children, setting up trusts to manage their inheritance, and updating beneficiaries on insurance or retirement accounts are essential steps. Without these updates, your children’s future financial stability could be left uncertain.
The death of a family member or a named beneficiary also requires immediate attention. If someone listed in your plan has passed away, you’ll need to revise your documents to remove or replace them. This could involve executors, trustees, or guardians. It’s equally important to review backup or contingent beneficiaries—those who inherit if your primary beneficiary cannot. Overlooking these details could lead to confusion or legal disputes later.
Major financial changes are another crucial reason to revisit your estate plan. If you’ve purchased property, sold a business, received an inheritance, or accumulated significant new assets, those changes can shift how your estate should be structured. Your current plan may not accurately reflect your holdings or take full advantage of tax-saving strategies. Reviewing your plan with your attorney helps ensure that your estate remains both efficient and aligned with your goals.
Moving to a new state is a trigger that many people overlook. Estate laws vary from state to state, and what’s valid in one may not comply in another. If you’ve moved recently, even if your documents are only a few years old, it’s wise to have them reviewed for compliance with your new state’s requirements. This is especially important for wills, trusts, and powers of attorney, which can contain language specific to your previous state’s statutes.
Changes in tax laws are another reason to review your plan. Estate and inheritance tax exemptions, gift tax limits, and trust rules can shift from year to year. Even if your estate isn’t large enough to be taxable now, changes in law or valuation could affect your heirs later. Updating your estate plan ensures it remains tax-efficient and compliant.
Another common life event that calls for review is a change in health or care needs. If you or your spouse have experienced health changes, it’s important to revisit healthcare directives, living wills, and powers of attorney. These documents express your wishes about medical treatment and long-term care. They also name who should make those decisions if you cannot. Keeping them current ensures your values and preferences are honored.
Key Documents to Review During Your Estate Plan Checkup
Once you’ve identified the reasons for review, the next step is knowing what documents to look at. Start with the basics: your last will and testament, which outlines how your property should be distributed and who will manage your estate.
Next, review your revocable living trust, which helps avoid probate and provides for asset management during incapacity. You’ll also want to check your financial and healthcare powers of attorney, making sure your chosen agents are still appropriate and willing to serve.
Your healthcare directives should reflect your current wishes regarding treatment options, life support, and end-of-life decisions. Don’t forget to review beneficiary designations on retirement accounts, life insurance, and payable-on-death accounts—these designations often override what’s written in your will.
Finally, check your HIPAA authorization forms and any letters of intent that detail personal wishes, funeral preferences, or digital account access. Together, these documents form the foundation of a complete estate plan, and keeping them consistent prevents costly conflicts later.
How to Approach an Estate Plan Review
Approaching this review doesn’t have to be overwhelming. Begin by gathering all your documents in one place—your will, trust, powers of attorney, insurance policies, and beneficiary statements. Next, make a list of any major life or financial changes since your last update. Then, review your beneficiaries and fiduciaries (the people who will manage your affairs). Ask yourself whether they’re still the right choices and whether you should name backups.
After this initial review, schedule a meeting with your estate planning attorney. Even if your changes seem small, an attorney can ensure your updates are legally valid and coordinated across all documents. Once updates are made, communicate them to your loved ones or key decision-makers so they know where to find your documents and understand your general wishes.
Special Considerations for Business Owners
For business owners, November is also a critical time to align your business succession plan with your estate plan. A comprehensive succession plan ensures a smooth transition if you retire, become incapacitated, or pass away. This includes naming who will take over ownership, reviewing any buy-sell agreements, and ensuring your business structure minimizes taxes and liability for your heirs. Without these details in place, your family could face unnecessary financial or operational complications.
Charitable Giving and Year-End Planning
November also happens to be an excellent month for charitable giving. With Giving Tuesday approaching and tax season around the corner, it’s the right time to consider integrating philanthropy into your estate plan. Options like donor-advised funds, charitable remainder trusts, and qualified charitable distributions from retirement accounts allow you to support meaningful causes while potentially reducing your taxable income.
These tools can be tailored to fit your values and financial situation while leaving a lasting legacy. Your attorney or financial advisor can help you decide which charitable strategy fits best with your long-term goals and estate structure.
When a Quick Update Becomes a Full Overhaul
In some cases, a quick update may reveal that your entire estate plan needs a more thorough overhaul. If your documents are more than a decade old, they may include outdated legal language or rely on laws that no longer apply. They may name people who have passed away or are no longer appropriate for key roles.
A comprehensive refresh can help you take advantage of new planning tools, reduce future taxes, and simplify administration for your loved ones. Regular updates ensure your estate plan continues to work the way you intended.
Start the New Year with Peace of Mind
As the year ends, taking time to review your estate plan is one of the most meaningful gifts you can give yourself and your family. It’s not just about money—it’s about ensuring stability, clarity, and protection for the people you care about. The peace of mind that comes from knowing your affairs are in order is invaluable, especially as you enter a new year.
Whether you need to update a single document or conduct a full review, the most important step is to start. Schedule that appointment, gather your materials, and use November as your annual reminder to keep your plan current. Estate planning is an act of love and foresight. It ensures that your legacy continues according to your wishes, no matter what changes life brings.
So as you prepare for Thanksgiving and reflect on what you’re grateful for, make sure your estate plan is part of that gratitude—an updated, thoughtful expression of your care for your loved ones and your future.
