When Should You Review and Revise Your Indiana Estate Plan?

Creating an estate plan is one of the most important steps you can take to protect your assets and provide peace of mind for your loved ones. Once that plan is in place, it is easy to assume that your work is done. Yet, estate planning should not be treated as a one-time event. Life changes, and your estate plan needs to change along with it to remain effective and accurate. Failing to review and revise your plan when needed can cause confusion, unintended outcomes, and even legal disputes. To help ensure that your estate plan continues to reflect your wishes and circumstances, the Indianapolis attorneys at Frank & Kraft offer guidance on when you should review and revise your Indiana estate plan.

Why Routine Estate Plan Reviews Matter

Even if your life appears stable, regular estate plan check-ins are essential. Laws change, finances shift, and personal goals evolve, often without immediate notice. These changes may not always seem significant, yet they can impact the effectiveness of your estate plan. Ideally, you should meet with your estate planning attorney every three to five years to review your documents. This allows you to make timely revisions and stay ahead of any changes in Indiana or federal law that might affect your plan.

Events That Call for an Immediate Estate Plan Update

While periodic reviews are important, certain events or changes in your life may require you to act sooner. Waiting too long in these situations can lead to unintended legal and financial consequences for your family. Common events that should prompt a review and revision of your Indiana estate plan include:

• Significant Financial Changes: If your financial situation has improved dramatically, such as through an inheritance, business sale, or real estate investment, your estate plan needs to reflect those developments. Likewise, the sale of large assets or a decline in wealth should also prompt a review. Keeping your estate plan aligned with your current financial status ensures equitable and efficient distribution of your assets.
• Changing Your Inheritance Wishes: Over time, your preferences about how your estate should be distributed may change. You might decide to revise how much a beneficiary receives, remove someone from the plan, or add a new individual. An update ensures your current wishes are honored and reduces the risk of future conflict.
• Shifting Family Relationships: Family dynamics evolve. You may have welcomed stepchildren into your life or developed concerns about an heir’s behavior. Estrangement, reconciliation, or a new marriage within the family could also prompt changes. Your estate plan should reflect the current state of these relationships and any new family members who should be included.
• New Real Estate Acquisitions: If you purchase a new home, investment property, or vacation house, especially in a different state, it is essential to revise your estate plan. Including specific instructions for these assets can help avoid probate complications and ensure proper management and distribution after your death.
• Marriage, Divorce, or the Birth of a Child: Major family milestones almost always require a revision to your estate documents. A new marriage may prompt you to include a spouse as a beneficiary or fiduciary. Following a divorce, you will likely want to remove your former spouse from key roles such as Power of Attorney or Executor. The birth or adoption of a child or grandchild is another reason to review your plan and update guardianship designations or inheritance instructions.
• Concerns About Fiduciaries: Fiduciaries, such as Executors, Trustees, or guardians, play a central role in carrying out your estate plan. If the people you originally appointed are no longer able or willing to serve—or if your trust in them has changed—you need to make new appointments. Choosing the right individuals is essential to protecting your legacy.
• Preventing Inheritance Disputes: Disputes over a Will or trust can fracture families. If you foresee possible tension or disagreement, there are ways to protect your estate from litigation. Including a no-contest clause, using a trust to manage inheritance distributions, and clearly documenting your intentions can all help prevent future conflict. Open communication with your family about your estate plan can also make a difference.
• Protecting a Vulnerable Beneficiary: If a beneficiary is facing challenges such as addiction, mental illness, or financial irresponsibility, you may want to add safeguards to your estate plan. A trust can be created to manage the beneficiary’s inheritance with built-in protection, ensuring that the funds are used wisely and last as long as needed.
• Charitable Giving Goals: Your estate plan is the perfect place to document any charitable gifts you wish to make. Whether you want to leave a donation to a local Indiana nonprofit, establish a charitable trust, or create a private foundation, proper planning ensures that your philanthropic goals are met and may offer tax advantages to your estate.
• Anticipating Changes to Estate Tax Laws: Estate tax laws are always subject to change. The federal exemption is expected to decrease in 2026, which may cause more estates to be subject to federal estate taxes. If your current plan was created under more favorable exemption limits, you may need to make adjustments to minimize your estate’s tax burden.

Are You Ready to Review and Revise Your Indiana Estate Plan?

For more information, please join us for an upcoming FREE seminar. If you are ready to review and revise your Indiana estate plan, contact the experienced Indianapolis estate planning attorneys at Frank & Kraft by calling (317) 684-1100 to schedule an appointment.

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