You created an estate plan five years ago. Maybe ten. And it’s been sitting in a drawer ever since, untouched.

Here’s the thing: an outdated estate plan can be almost as problematic as having no plan at all. Your life changes. Your family changes. The law changes. And if your estate plan doesn’t change with them, it might not actually do what you need it to do.

So when should you update your plan? And what actually needs to change when life circumstances shift?

Let’s walk through the major life events that should trigger an estate plan review — and what to update when they happen.

The Basic Rule: Review Every 3-5 Years

Even if nothing major has changed in your life, you should review your estate plan every 3-5 years.

Why? Because small changes accumulate. Assets grow or shift. Relationships evolve. Laws change. And what made sense a decade ago might not reflect your current reality.

Set a reminder. Put it on your calendar. Treat it like any other important maintenance because that’s exactly what it is.

Beyond routine reviews, here are the life events that should send you straight to your estate planning attorney.

Marriage or Remarriage

What’s changed: You have a new spouse who may need to be provided for. You might want them to inherit certain assets. They might need to make medical decisions on your behalf. Colorado law gives spouses certain rights, but your estate plan should clearly reflect your intentions.

What to update:

• Add your spouse as a beneficiary (or clarify what they should and shouldn’t inherit)
• Name your spouse as the agent in your power of attorney for finances and healthcare (if that’s your choice)
• Update your will to include your spouse
• Review beneficiary designations on retirement accounts and life insurance
• If you have children from a prior relationship, ensure your plan protects both your spouse and your kids
• Consider whether a prenup or postnup affects your estate plan

Timing: Update your plan as soon as possible after marriage, ideally before the wedding if you’re doing pre-marriage planning.

Birth or Adoption of a Child

What’s changed: You have a new human who depends entirely on you. They need guardians named in case something happens to you. They need financial protection. And you probably have strong feelings about who should raise them and how their inheritance should be managed.

What to update:

• Name guardians for minor children (both primary and backup)
• Establish trusts for children’s inheritance (so they don’t inherit large sums at an inappropriate age)
• Update beneficiary designations to include your children
• Increase life insurance to ensure adequate provision for raising your kids
• Add your child to your will with appropriate provisions

Timing: As soon as possible after birth or adoption. Don’t wait — this is critical.

Divorce

What’s changed: Your ex-spouse probably shouldn’t be making medical decisions for you or inheriting your assets. Colorado law automatically revokes certain provisions for ex-spouses, but relying solely on that is risky.

What to update:

• Remove your ex-spouse as beneficiary in your will
• Remove them as the agent under your power of attorney for finances and healthcare
• Change beneficiary designations on life insurance and retirement accounts
• Update your healthcare directive
• If you have children together, clarify guardianship and inheritance provisions for them
• Review and update any trusts

Timing: As soon as your divorce is final. Don’t delay — this is urgent.

Death of a Named Person

What’s changed: If someone named in your estate plan — an executor, guardian, power of attorney, or beneficiary — has died, your plan has gaps that need filling.

What to update:

• Name new executors, guardians, or agents
• Revise beneficiary provisions
• Update backup choices for all roles
• Review whether distributions need to be restructured

Timing: Within a few months of the death, once you’ve had time to grieve but before more time passes.

Moving to a Different State

What’s changed: Estate planning laws vary by state. While most documents remain valid when you move, Colorado has specific requirements and approaches that differ from other states.

What to update:

• Have a Colorado attorney review your plan to ensure it complies with Colorado law
• Update your will to reflect Colorado as your domicile
• Review how Colorado treats marital property, powers of attorney, and healthcare directives
• Ensure your documents are properly executed under Colorado requirements

Timing: Within the first year of moving to Colorado.

Significant Change in Assets

What’s changed: You bought a house. Sold a business. Received an inheritance. Your retirement account has grown substantially. Your asset picture is different, and your estate plan should reflect that.

What to update:

• Ensure new assets are properly titled or assigned to trusts
• Update asset lists in your estate planning documents
• Review whether distribution provisions still make sense with your new asset mix
• Consider whether you need additional planning for complex or valuable assets
• Review whether your executor is still appropriate for a larger or more complex estate

Timing: Within 6-12 months of the significant asset change.

Starting or Selling a Business

What’s changed: Business ownership creates complexity in estate planning. You need succession plans, valuations, and clarity about what happens to the business when you die.

What to update:

• Add business succession provisions
• Clarify whether the business should be sold or continued
• Update your plan to address business valuation
• Ensure your executor can handle business matters or appoint someone who can
• Consider buy-sell agreements with partners

Timing: As soon as the business is established or sold.

Estrangement or Reconciliation

What’s changed: Relationships shift. Maybe you’re no longer speaking to someone named in your plan. Or maybe you’ve reconciled with someone you previously excluded.

What to update:

• Remove estranged individuals from roles or beneficiary provisions
• Add reconciled individuals back if appropriate
• Update guardianship choices if estrangement affects who should raise your children
• Clarify your intentions in writing to avoid challenges

Timing: When the relationship change is clearly permanent (not during a temporary conflict).

How to Update Your Plan

Once you’ve identified that your plan needs updating, here’s how to do it:

Don’t make handwritten changes. Notes in the margins or crossed-out sections can create confusion or invalidate your documents.

Work with an attorney. Estate plan updates need to be legally sound and properly executed under Colorado law.

Use codicils for small changes to gifts of tangible property or full rewrites for major ones. Your attorney will advise on the best approach.

Update ALL related documents. Don’t just change your will — update trusts, powers of attorney, healthcare directives, and beneficiary designations to match.

Destroy prior versions. Once your new documents are signed, shred or destroy the old versions to avoid confusion about which document controls apply. The last thing your family needs is to find multiple wills and wonder which one is valid.

Store updated documents properly. Make sure your executor knows where to find current versions.

Your Next Step

When was the last time you looked at your estate plan? If it’s been more than 3-5 years — or if any of the life events above have happened — it’s time for a review.

Ready to update your estate plan? Contact Lester Law to schedule a free consultation. We can review your current plan, discuss what’s changed in your life, and update your documents to reflect your current reality.

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This website includes information about legal issues. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and should not be taken, as legal advice on any particular set of facts or circumstances. You should contact an attorney for advice on your specific legal problems.