How Often Should You Update Your Estate Plan in Colorado?

Why an Estate Plan Isn’t “Set It and Forget It”

Creating an estate plan is one of the most important steps you can take to protect your assets, your family, and your future. But estate planning isn't something you do once and never revisit. In fact, allowing years to go by without updating your plan can lead to confusion, unintended outcomes, or legal disputes down the road. That’s why one of the most common and important questions we hear is, how often should you update your estate plan?

While there’s no one-size-fits-all answer, a good rule of thumb is to review your plan every three to five years or sooner if you experience any major life changes. Laws evolve, relationships change, and so does your financial situation. If your estate plan doesn’t reflect your current wishes and circumstances, it may not do what you intended when the time comes.

In Colorado, where estate and probate laws have their own unique characteristics, staying current with your plan is especially important. Failing to do so can result in avoidable court costs, family conflict, or assets being distributed in ways you didn’t expect.

Major Life Events That Should Trigger an Estate Plan Review

The biggest reason to revisit your estate plan is a significant change in your life or family structure. Here are some of the most common events that should prompt a review and likely an update to your documents:

• Marriage or Divorce: Whether it’s your own or that of a child, changes in marital status can dramatically impact how you want assets distributed. A new spouse may need to be added to your will or trust. An ex-spouse may need to be removed from power of attorney roles or beneficiary designations.
• Birth or Adoption of a Child or Grandchild: When your family grows, your estate plan should grow with it. You may want to create or revise a trust to benefit children, name guardians for minors, or change how distributions are handled as your family evolves.
• Death of a Beneficiary or Executor: If someone named in your will or trust passes away, you’ll need to revise the document to name a new executor, trustee, or beneficiary.
• Significant Changes in Assets: Selling or acquiring property, opening a business, or receiving an inheritance can affect the way your estate should be distributed. These financial shifts may also impact estate tax exposure and should be addressed promptly.
• Relocation to or from Colorado: Moving across state lines can impact how your estate plan functions. Colorado has its own laws around probate, trusts, and property ownership, so any plan created in another state should be reviewed for compliance and effectiveness.
• Changes in State or Federal Law: Estate and tax laws can change, sometimes in subtle but important ways. A plan drafted years ago may not reflect current law and could leave your estate vulnerable to taxes or unnecessary legal hurdles.
• Changes in Your Health: If you or your spouse face a serious illness or diagnosis, updating your plan to include long-term care preferences, medical directives, and power of attorney roles becomes critically important.

In short, any time your life circumstances change in a meaningful way, your estate plan should follow. That’s the best way to ensure it always reflects your true intentions.

What to Review and What Happens If You Don’t

When revisiting your estate plan, it’s not just about your will. A thorough review should include all related documents, including:

• Wills and trusts
• Durable power of attorney
• Healthcare power of attorney and living will
• Beneficiary designations on retirement accounts and life insurance
• Guardianship nominations for minor children

Reviewing these documents with a qualified estate planning attorney ensures they still reflect your current priorities and relationships. Outdated documents can cause problems, such as:

• Assets going to someone you no longer intend to benefit (such as an ex-spouse)
• Omitted family members or new beneficiaries unintentionally left out
• A guardian named for your children who is no longer a good fit
• Medical or financial agents who are no longer available or trustworthy

These errors don’t just create logistical challenges; they can spark emotional conflict among your heirs and even lead to court battles. One of the best ways to protect your loved ones is by ensuring your documents are always up-to-date and legally sound.

At Evans Case, we take a proactive approach to estate planning. We encourage clients to think of their estate plan as a living document, one that should evolve along with their life. Whether you’re facing a major life change or simply haven’t looked at your plan in a few years, we’re here to help you keep everything current and enforceable under Colorado law.

Reach out to us to schedule an estate plan review. We’ll help ensure your documents still reflect your wishes and provide the protection your family deserves.