Can I Make Estate Plan Changes?

Estate planning is not static, it changes along with your life’s circumstances, financial situation, and continuously changing legal landscape. At the outset of 2025, there is a significant reason for understanding that not only can you make estate plan changes, but in many instances, you should. The truth of the matter is, that estate plan changes are not only possible, but often they are quite necessary in carrying out your legacy effectively.

The Importance of Updating Your Estate Plan

Your estate plan is not a “set it and forget it” document. Life changes, laws change, and your estate plan should change. Routine reviews and updates to your estate plan will keep it fresh and relevant.

Why Consider Changes in Estate Plans?

Legal Updates: The legal landscape is constantly evolving. For instance, in 2025, the estate tax exemption has increased to $13.990 million per individual and $27.98 million per married couple. Such changes can significantly impact your estate planning strategy.

Family Dynamics: Marriages, divorces, births, and deaths in the family often necessitate estate plan changes to reflect your current wishes and family structure.

Financial Changes: Acquiring or selling major assets, changes in the ownership of your business, or increases/decreases in your net worth may force changes to your estate plan.

Personal Reasons: Over time, your goals and priorities change, and estate plan changes will be necessary to reflect your current wishes.

How to Make Changes to Your Estate Plan

Estate plans often involve making changes, which may require much deliberation and, at times, even professional advice. The following are essential steps to take in modifying your estate plan:

1. Review Your Current Plan

You should first begin by carefully reviewing your current estate plan, including all documents related to your wills, trusts, powers of attorney, and healthcare directives.

2. Consult Professionals

Estate plan changes often require legal expertise. Consulting with an estate planning attorney will help ensure that your changes are legally sound and effectively implemented.

3. Update Relevant Documents

Depending on the nature of the changes, you may update various documents:

  • Wills: Clearly define asset distribution and appoint guardians for minor children.
  • Trusts: Protect assets for beneficiaries and offer control over distribution.
  • Powers of Attorney: Assign a trusted person to make financial decisions if you’re incapacitated.
  • Healthcare Directives: Outline your medical treatment preferences.
4. Consider Trusts and Gifts

With the current estate tax exemption set to potentially decrease in 2026, consider utilizing trusts and structured gifting to reduce your taxable estate size.

Types of Estate Plan Changes

Estate plan changes can range from minor adjustments to complete overhauls. Here are some common types of changes:

Partial Amendments

For less extensive changes, like changing a particular gift amount, a partial amendment to your trust will be sufficient.

Restatements and Amendments

For more major updates, a restatement and amendment approach enables you to maintain your trust’s title while updating its contents. This is quite convenient because this approach does not need any retitling of the assets that are already held in the trust.

Complete Revisions

In some instances, particularly when your estate plan is outdated or your circumstances have altered substantially, a complete revision may be required.

Timing Your Estate Plan Changes

While you can change your estate plan at any time, there are certain events or milestones that typically trigger updating: Major life events include marriage, divorce, and birth of a child; significant financial status changes; changes in tax laws or estate planning regulations.

As a general rule of thumb, every 3-5 years you should review your estate plan and make any changes that are needed.

Ready to Make Estate Plan Changes?

Changes in the estate plan are not only possible but are often quite necessary to make sure one’s legacy is protected and their wishes are taken care of. With the 2025 landscape and the continuously changing environment of estate planning, it is also important to consider regular reviews and updates to your estate plan. One can keep this effective and current by knowing about changes in the law, consulting professionals, and making appropriate changes in a timely manner.

Remember, your estate plan is a living document that evolves and grows with you. For any necessary estate plan changes, never feel an ounce of hesitation. It is part of the integral legacy management and protection of the future of your loved ones.

The compassionate team at Antanavage Farbiarz is here to help. Reach out today to learn how our seasoned attorneys can assist you in creating a robust Advanced Health Care Directive tailored to your unique needs. Our family is here for your family – give us a call at (610) 562-2000 or click here to schedule a consultation.

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