¿Cuándo debe revisar y actualizar su plan patrimonial?

Life changes quickly, and an outdated estate plan may create challenges for those you care about most.

Regular reviews help keep your estate plan aligned with your current wishes and circumstances. Major life events often signal it’s time for an update.
Changes in assets, tax laws, or personal priorities may require adjustments to ensure your plan remains effective and minimizes potential legal or tax complications.
Updating involves reviewing all documents, consulting professionals, and communicating changes to beneficiaries, executors, and other key individuals.
Avoid common pitfalls such as outdated beneficiary designations, inaccessible documents, and overlooking digital assets to protect your legacy and reduce stress for loved ones.

Many people breathe a sigh of relief after creating an estate plan, but checking this off as a task that's “finished” may create unintended problems down the line. As time passes, your circumstances may change. Shifting relationships, evolving financial situations, and updates to relevant laws could affect your original plan.

Periodically reviewing and updating your estate plan helps to keep it aligned with your wishes and may reduce the risk of complications for loved ones. So, how often should you do this? While every situation is different, certain key events often serve as a reminder that it's time to take another look.

When and Why Should You Update Your Estate Plan?

An estate plan works best when it reflects your current circumstances and priorities. While you might not think about estate planning daily, certain situations may create gaps between how the documents would be executed and your actual wishes. Here are a few common circumstances that often trigger the need for a review.

Relationship Changes

Family dynamics may shift considerably over the years. Los cambios como el matrimonio, el divorcio, el nacimiento o la adopción y el fallecimiento pueden afectar la forma en que se distribuirán sus bienes. Also consider cherished pets who may need caregivers and, possibly, trusts.

Asset Changes

An increase or decrease in the value of your assets over time may require a careful review of your plan. Tax consequences may differ depending on the value of the estate. Major asset changes, such as starting a business or receiving an inheritance, may require significant updates or additional documents.

Change of Location

Estate and probate laws vary significantly between states, and your will follows the rules of your state of residence. Differences in probate procedures, property transfers, and tax obligations could potentially affect how your estate is handled. Reviewing and updating your documents may help prevent unwelcome surprises. Working with an expert who is well-versed in the state's laws may also help identify opportunities to optimize the estate plan.

Tax Law Changes

When state or federal tax laws change, consulting with your legal and tax advisors may help you better understand how these changes could affect you and your beneficiaries. In some cases, an update to the plan may help reduce tax liability.

Change of Heart

You may decide to change parts of your plans for personal reasons. Relationships or priorities may have changed, or the people you originally chose as executors or beneficiaries might no longer be the right fit. You may also wish to include a charity or organization that has become important to you, especially as your assets grow.

How To Update Your Estate Plan

Following a structured process when updating your estate plan helps ensure nothing is overlooked. These six steps may help make the task less overwhelming.

1. Review Existing Documents

Begin by gathering all of your current estate planning documents and carefully reading through them. Make a note of any outdated information, changed circumstances, or provisions that no longer match your wishes. Pay attention to named individuals, asset descriptions, and specific instructions that might need adjusting.

2. Identify Needed Changes

Make a list of anything that needs to be updated based on your current situation. This may include naming new beneficiaries, changing asset allocations, or updating contact information. If the estate plan includes healthcare documents, you may also wish to update preferences regarding medical care.

3. Consult With Professionals

Work with an estate planning attorney to discuss proposed changes and ensure you understand the implications. A tax professional and financial advisor may also provide valuable insights.

4. Update Legal Documents

Depending on the changes, you may need to update multiple documents, including:

Última voluntad y testamento: Updates beneficiaries, executors, guardianship provisions, and asset distribution instructions. Also nominates executors/personal representatives and guardians for minor children.
Poder notarial financiero: Changes who can handle your financial affairs while you are living.
Healthcare Power of Attorney: Updates who makes medical decisions on your behalf and provides specific instructions related to your medical preferences.
Testamento en vida: Revises your preferences for end-of-life medical care and treatment.
Exención HIPAA: Ensures the right people can access your medical information when needed.
Fideicomiso revocable: Allows a grantor to manage and control assets during their lifetime, make changes as needed, and name another individual to take over management if they die or become incapacitated. Also indicates who receives the assets after the grantor's death. Similar to a will, but avoids probate.

5. Communicate Changes to Relevant Parties

Once you have completed the updates, notify all relevant parties about changes that affect them. This may include new or removed executors, healthcare agents, guardians, and beneficiaries. Taking this step now may prevent confusion later. It also allows all parties to ask questions about their roles and ensure they fully understand your wishes.

6. Keep Updated Documents Secure

Store your revised documents in a safe, accessible location and make sure trusted individuals know where to find them. For an added layer of safety, consider leaving copies with your attorney and providing relevant parties with instructions on how to retrieve them when needed.

Avoid These Common Pitfalls

Even a well-structured estate update may fall short if certain details are overlooked. Taking steps to prevent these common oversights may save you and your loved ones time, expense, and frustration.

Forgetting To Update Beneficiary Designations

Some assets, such as retirement accounts and life insurance, pass directly to the named beneficiary through the terms of the account instead of through your will. Joint accounts and other property held with someone else often pass automatically to the surviving owner. If these designations are outdated, assets may go to someone you no longer intend. Always review and update them when making changes to your estate plan.

Failing To Inform Key Individuals

While you're not required to notify anyone named in your documents, it's helpful to let them know in advance. People named in roles that take effect while you're living, such as healthcare agents or financial power of attorney, should understand their responsibilities. Those named in your will, such as executors or guardians, only act after your death. However, they may benefit from knowing your intentions ahead of time. Surprises during a crisis create unnecessary stress and confusion. Communicating ahead of time allow you to let individuals know that they have a role, confirm they're willing to fulfill it, and make sure they understand your wishes.

Storing Documents in Inaccessible Locations

If your updated documents can't be found when needed, your efforts may be wasted. Store them securely, but also make sure trusted individuals know where they are located and can access them upon your passing.

Overlooking Digital Assets

Online accounts, cloud storage, social media profiles, and cryptocurrency all require clear instructions for access and management. Without proper planning, these assets may be lost or inaccessible. Create an inventory of your digital assets and include instructions for accessing them. Consider whether you want these assets preserved, transferred, or deleted.

Ignoring Recent Legal or Tax Changes

When estate and gift tax laws change, certain provisions in your plan may no longer make sense. Updates that do not account for these changes may lead to unintended tax consequences or administrative challenges.

Creating Inconsistencies Between Documents

Your will, trust documents, beneficiary designations, and powers of attorney should be consistent. Otherwise, conflicting instructions may create legal disputes, resulting in unnecessary costs and delays. Make sure your estate attorney is aware of, and has reviewed, all estate-related legal documents.

Keep Your Estate Plan Working As Intended

While updating your estate plan does require some effort, doing so helps protect your loved ones and your legacy. Keeping documents current and accurate may prevent confusion and delays during an already stressful time. If you've experienced a significant change in your life, finances, or priorities, it may be time to schedule a review.

When To Review Your Estate Plan – Checklist

Además de revisar su testamento con regularidad y sus documentos de planificación patrimonial cada tres o cinco años, también debe considerar revisar su plan patrimonial cuando se presenten estas situaciones y eventos de la vida:

Tras el nacimiento o adopción de un hijo, nieto u otro familiar
Después de un matrimonio o divorcio
Cuando fallezca alguien que sea mencionado en su testamento
Cuando un hijo o nieto necesite fondos para la educación
Cuando los hijos, nietos u otros herederos lleguen a la edad adulta
Al haber cambios con respecto a las circunstancias de su albacea, tutor y/o fideicomisario
Cuando el valor de sus bienes aumente o disminuya significativamente
Al adquirir o enajenar un activo significativo
Tras empezar una empresa o al contemplar la transferencia de una empresa
Después de implementarse cambios a las leyes tributarias
Cuando esté próximo a cumplir la edad de 72 años (la edad en la cual se requiere que comience a tomar distribuciones de su cuenta individual para la jubilación, 401(k) u otro plan calificado)
Después de mudarse a un estado diferente
Si le diagnostican una enfermedad crónica o terminal o una discapacidad

For more information, please contact your PNC Private Bank^®advisor.

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When To Review and Update Your Estate Plan