When Should You Create or Update an Estate Plan? Life Events That Matter Most

Love, Life Changes, and Why Valentine’s Day Is a Perfect Reminder to Review Your Estate Plan

Valentine’s Day is often associated with flowers, chocolates, and heartfelt proposals—but it’s also one of the most common days of the year for major life decisions. In fact, an estimated 220,000 engagements occur on Valentine’s Day each year, making it one of the top three proposal dates annually.

While love may be the catalyst, legal planning is what protects that future.

An estate plan isn’t a one-time document you sign and forget. It’s a living strategy that should evolve as your relationships, health, finances, and responsibilities change. Whether you’re newly engaged, raising children, preparing for retirement, or navigating later-in-life transitions, knowing when to create or update an estate plan is essential.

Man on one knee proposing to girlfriend

Estate Planning Is a Process—Not a One-Time Event

One of the most common misconceptions about estate planning is that it’s “done” once documents are signed. In reality, most plans should be reviewed every 3–5 years, or sooner if a major life event occurs.

Why? Because outdated documents can:

• Name the wrong decision-makers

• Leave out new family members

• Create delays in medical or financial emergencies

• Accidentally benefit people you no longer intend to include

  
  

A well-crafted estate plan should reflect your current life—not the version of you from a decade ago.

Key Life Stages That Should Trigger Estate Planning (or Updates)

Marriage, Engagement, and Young Families

Marriage is one of the most important triggers for estate planning—or revisiting existing documents. Beneficiary designations, powers of attorney, and healthcare decision-makers often need immediate updates after a wedding.

For growing families, estate planning becomes even more critical. This is when you should:

• Nominate guardians for minor children

• Ensure assets are protected for your children’s benefit

• Review life insurance coverage

• Coordinate beneficiary designations across accounts

  
  

Without proper planning, the people you want to protect may be left vulnerable.

Mid-Life, Career Growth, and Increasing Assets

As careers advance and assets become more complex, estate plans often need more structure. This stage commonly includes:

• Purchasing a home or investment property

• Business ownership or professional practices

• Retirement accounts with significant balances

  
  

At this point, it’s often time to:

• Re-evaluate beneficiary designations

• Consider trusts for asset management or tax planning

• Confirm executors and trustees are still appropriate

  
  

What worked in your 30s may not be sufficient in your 40s or 50s.

Empty Nesters and Pre-Retirement (Approximately Ages 50–65)

As children become independent and retirement comes into focus, estate planning priorities shift again. This is an ideal time to:

• Review long-term care considerations

• Update successor decision-makers

• Confirm how and when assets should pass to loved ones

• Revisit trusts and wealth transfer strategies

  
  

Planning ahead during this stage often provides the greatest peace of mind later.

Retirement and Senior Years (Age 65+)

In retirement, estate planning focuses heavily on clarity, protection, and ease of administration. This typically includes:

• Finalizing wills and trust structures

• Ensuring advance directives are current

• Reviewing healthcare decision-makers

• Confirming beneficiary designations align with your overall plan

  
  

Even small oversights at this stage can lead to unnecessary stress for loved ones during already difficult moments.

The “5 D’s” That Should Trigger an Estate Plan Review

A helpful rule of thumb for knowing when to update your estate plan is to remember the “5 D’s”:

Death

The loss of a spouse, family member, trustee, or named decision-maker requires immediate review.

Divorce

In Florida, the filing for divorce automatically ends certain powers of attorney and healthcare designations—but beneficiary designations do not always update themselves. Post-divorce, it’s critical to revisit all TOD, POD, and retirement accounts to ensure your ex-spouse is no longer named (unless intentionally so).

Diagnosis

A new medical diagnosis—your own or a loved one’s—can change how decisions need to be made and who should make them.

Decline

Gradual health or cognitive decline is often overlooked, but it’s one of the most important times to confirm legal authority is in place before an emergency arises.

Decade

Even without a major life event, reviewing your estate plan every 10 years helps ensure it still reflects your wishes and current law.

Moved to Florida? Your Estate Plan May Still Need Updates

If you recently relocated, your out-of-state estate planning documents are generally valid if they were properly executed—but that doesn’t mean they’re ideal.

Florida law has specific requirements, particularly for emergency documents like:

• Durable Powers of Attorney

• Healthcare Surrogates

• Living Wills

  
  

Updating these documents to comply with Florida law can help avoid delays or challenges during medical or financial emergencies.

When in Doubt, Review—Before a Crisis Forces the Issue

Estate planning works best when it’s proactive, not reactive. Waiting until something goes wrong often limits options and increases stress for everyone involved.

Valentine’s Day may celebrate love—but protecting the people you love means making sure your legal plan keeps up with your life.

This Valentine’s Day, consider giving a gift that lasts—clarity, protection, and peace of mind for the people you love most. Schedule a complimentary planning conversation to talk through your goals, your concerns, and the options that make the most sense for your life — now and in the future.

Caring Guidance for Life’s Transitions.