When to Update Your Estate Plan: Life Changes to Watch For
October brings colorful leaves, cooler mornings, and plenty of pumpkin spice. It's also National Estate Planning Awareness Month, and October 19–25, 2026 is National Estate Planning Awareness Week.
Now is a good time to ask: Is your estate plan up to date?
Why update my estate plan?
An outdated plan can be worse than no plan If your family or finances have changed in the past few years, your estate plan may no longer match your wishes. An outdated plan can send assets to the wrong person, name someone who can no longer serve, or leave your family unsure of what you wanted.
The big life events usually come to mind first:
- Marriage or divorce
- The birth or adoption of a child or grandchild
- Retirement
- The death of a spouse, family member, or someone named in your plan
Other changes that are easier to miss but can matter just as much:
- Your executor or trustee has moved out of state. That can make it harder for them to serve, and some states add requirements for out-of-state fiduciaries.
- A relationship with a beneficiary has changed. Family circumstances shift, and your plan should reflect where things stand now.
- A loved one's situation has changed. If an adult child or other beneficiary is having a hard time, for example with an addiction or money problems, giving them an inheritance outright may not be in their best interest. A Trust can offer protection by allowing a trustee to manage the assets, control when and how funds are distributed, and use the inheritance to provide for the beneficiary's needs without placing the entire inheritance directly in their hands.
- Your assets have changed. A new home, a business interest, an inheritance, or significant portfolio growth can all affect how your plan should be structured.
Do beneficiary designations override a will?
Many of your largest assets may not pass through your will at all. Retirement accounts, life insurance, annuities, and accounts with transfer-on-death designations go directly to whomever is named on the beneficiary form, no matter what your will says. A quick review of these designations is one of the simplest and most important estate planning steps you can take.
It's also worth confirming that these documents are current:
- Durable financial power of attorney
- Healthcare power of attorney and living will
- How your accounts and property are titled
Changes in Tax Law
Starting in 2026, the federal estate and gift tax exemption is set at $15 million per person, indexed for inflation. Plans written around the old rules or around the expected 2026 "sunset" may include provisions that no longer make sense. That alone is a good reason to take a fresh look at your legal documents.
How Fiduciary Financial Advisors Can Help
At HCM Wealth Advisors & CPAs, estate planning is part of how we look at your whole financial picture. We can review your beneficiary designations, account titling, and the tax side of your plan. We also work directly with your estate planning attorney so that your documents and your financial plan work together. If you don't have an estate planning attorney, we're happy to introduce you to one we trust.
Take a minute this month to think about what has changed since you last reviewed your plan. If anything comes to mind, or if it's simply been a while, contact one of our HCM Wealth Advisors to discuss.