Many people think that once they have a will or trust in place, plus some ancillary planning documents, they can store it all away until the day it’s needed. But even after you create an estate plan, there are times when you’ll need to make changes or updates.
Generally, you should at least review your estate plan every 3-5 years to make sure it still aligns with your goals, family structure, care provisions, asset distribution needs, and any changes in the law. If you are older or experiencing ongoing health issues, it might make sense to review and make updates on a more regular basis.
Aside from this general guidance, there are times when you may need to take immediate action to update your planning documents.
Here are a few examples:
If you get married
If you created a will before marriage, you’ll need to make a new will with your spouse, as the prior will is automatically revoked upon marriage under Rhode Island law. The exception here is if you made your will in contemplation of this marriage.
If you get divorced
Under Rhode Island law, a divorce automatically revokes any provisions in your will that benefit your former spouse. Again, there is an exception for a will that was made in contemplation of the divorce. As the law states, “All other provisions in the will shall take effect as though the former spouse had predeceased the person.”
If you have children or grandchildren
When a new child or grandchild comes into your life, you should review your will and/or trust to make sure it covers any care or distribution provisions related to the child.
Upon the passing of a beneficiary
If a beneficiary predeceases you, you need to review any provisions related to him or her and, if necessary, update your documents accordingly.
If an executor, trustee, or guardian is no longer able or willing to serve in their role
In this case, you should make sure you have successors named or make changes to put the appropriate person in place to manage your assets and care for minor children as applicable.
If you determine that your attorney-in-fact is no longer the right person for the job
This comes up often. When you name an agent or co-agents in your durable power of attorney, you give them broad authority to act on your behalf regarding a range of financial matters. Also, your healthcare agent under your healthcare proxy is authorized to make healthcare decisions for you in the event of incapacity.
These are crucial roles, so it’s wise to periodically review these designations and, if necessary, appoint someone else if circumstances change (i.e., you get divorced) or if they are no longer the right fit for the job.
Important: When it comes to powers of attorney, banks and other financial institutions often want to see updated copies of these instruments. Each bank has its own policy regarding acceptance of POAs based on the age of the document, and they can be arbitrary, so it’s best to make sure they stay “fresh” in case you need your agent to work with your bank, pay bills, etc.
Changes in tax law
If the state or federal tax exemption threshold changes, you may need to update your estate plan to make sure it’s optimized to minimize any new estate and/or income tax exposure for your beneficiaries.
This is especially true for clients in Rhode Island and Massachusetts, or with property in either state, as each state has its own relatively low estate tax threshold (as of 2026, it’s $1,838,056 per individual in RI and $2 million per individual in MA).
Financial shifts
If you received a large inheritance, retired, or acquired new assets or real estate (i.e., a vacation home), you should review your estate plan and make updates to cover how these new assets will be managed and distributed, and whether there are any related potential estate or income tax implications.
Side note:
If you need to amend a specific provision or set of provisions in a will, you’ll have to execute what’s known as a codicil, which follows the same statutory execution requirements as a valid will.
Or you can revoke the prior will by creating an entirely new one and expressly revoking any prior wills, which is often the preferred approach to avoid confusion.
With a revocable trust, you must exercise your power to amend or revoke the trust in the exact manner as stated in the prior trust. Otherwise, you may end up with two distinct and conflicting trusts.
These are just a handful of reasons why you may need to review and/or modify your estate planning documents.
Bottom line: remember that your core estate planning documents are designed to be flexible, and as changes take place over time, you can always revisit your plan to make sure it keeps up.
