Sep 29 2026 14:00
When Should You Update Your Estate Plan? A Guide for Texas and Pennsylvania Investors
Jaco Jordaan
Key Takeaways
Most families should review their estate plan every three to five years, even if nothing significant has changed. However, major life events such as marriage, divorce, the birth of a child or grandchild, a substantial increase in wealth, relocating to another state, or changes in tax law should trigger an immediate review. Keeping your estate plan current helps ensure your assets are distributed according to your wishes and reduces the risk of unnecessary legal, tax, or administrative complications.
An Estate Plan Isn't Something You Create Once and Forget
Many people treat estate planning as a one-time project.
They meet with an attorney, sign the necessary documents, put them in a safe place, and assume everything is taken care of for the rest of their lives.
Unfortunately, life rarely stays the same. Families grow. Financial situations change. Tax laws evolve. Retirement accounts increase in value. Relationships shift. Every one of those changes can affect whether your estate plan still reflects your wishes.
That's why reviewing your estate plan regularly is just as important as creating it in the first place.
At Riverchase Wealth Management, we help clients throughout Flower Mound, Dallas, Frisco, and Upper St. Clair, Pennsylvania coordinate their estate planning with their broader financial strategy. As a fee-only fiduciary wealth management firm, we believe ongoing reviews help prevent small issues from becoming costly problems for your family later.
How Often Should You Review Your Estate Plan?
A good rule of thumb is to review your estate plan every three to five years.
Even if nothing major has changed, it's worth confirming that:
- Your beneficiaries are still correct.
- Your chosen executor is still appropriate.
- Trustees and powers of attorney still reflect your wishes.
- Your investment accounts and retirement accounts remain properly aligned.
- Your estate plan still supports your current financial goals.
An annual conversation with your financial advisor can also help identify changes that may warrant an update before your next meeting with your attorney.
Life Events That Should Trigger an Immediate Review
Some situations deserve attention right away rather than waiting for your next scheduled review.
Marriage or divorce
Marriage changes your financial life in many ways, including ownership of assets, beneficiary designations, and estate planning priorities.
Likewise, divorce often requires updating wills, trusts, beneficiary designations, powers of attorney, and healthcare directives.
Leaving outdated documents in place can create unintended consequences.
The birth or adoption of a child or grandchild
Welcoming a new family member is one of the most common reasons to revisit an estate plan.
Parents often want to:
- Name guardians for minor children.
- Update beneficiaries.
- Create or modify trusts.
- Adjust inheritance plans.
- Review life insurance coverage.
Grandchildren may also become part of your long-term legacy planning goals.
The death of a beneficiary, executor, or trustee
Many estate plans name specific individuals to receive assets or serve in important roles. If one of those individuals passes away or is no longer able to serve, your documents should be updated as soon as practical. Choosing alternates in advance can help avoid unnecessary complications.
A significant change in your assets
Your estate plan should evolve as your wealth grows.
Common examples include:
- Selling a business
- Receiving an inheritance
- Purchasing additional real estate
- Accumulating substantial retirement savings
- Experiencing significant investment growth
As your financial picture changes, your estate plan may need to change as well.
Moving to another state
Estate planning laws vary from state to state.
If you've relocated, or plan to relocate, your documents should be reviewed by an attorney licensed in your new state to ensure they continue to meet legal requirements.
This is particularly important for families who split time between multiple states or retire elsewhere.
Changes in tax law
Federal and state tax laws change periodically.
While many families won't owe federal estate tax, changes to estate tax exemptions, retirement account rules, or income tax laws can affect estate planning strategies.
Regular reviews help ensure your plan remains aligned with current law.
The Risks of an Outdated Estate Plan
An outdated estate plan can create problems that are entirely avoidable.
Some of the most common include:
- Assets passing to unintended beneficiaries
- Delays in settling an estate
- Family disagreements
- Outdated guardians for minor children
- Executors or trustees who are no longer appropriate
- Missed tax planning opportunities
- Investment accounts that no longer align with your estate documents
These issues often aren't discovered until after someone has passed away, when changes are no longer possible.
Regular reviews help reduce that risk.
Why Beneficiary Designations Matter So Much
One of the most misunderstood parts of estate planning involves beneficiary designations. Many people assume their will determines who receives every asset. In reality, that's not how many financial accounts work.
Retirement accounts, IRAs, 401(k)s, life insurance policies, and many transfer-on-death or payable-on-death accounts generally pass according to the beneficiary designation on file, not according to your will.
For example, imagine someone updates their will after the birth of a child but forgets to update the beneficiary on an old IRA. Years later, the retirement account may still transfer according to the outdated beneficiary form.
That's why reviewing beneficiary designations should be part of every estate plan review.
State-Specific Considerations
Texas
Texas offers several unique estate planning considerations.
Texas is a community property state, meaning many assets acquired during marriage are presumed to belong equally to both spouses unless an exception applies.
Texas also does not have a state estate tax.
Those advantages can simplify certain aspects of estate planning, but they don't eliminate the need for regular reviews. Asset ownership, beneficiary designations, and account titling still need to be coordinated with your legal documents.
Pennsylvania
Pennsylvania presents a different planning landscape.
Unlike Texas, Pennsylvania imposes a state inheritance tax on certain inherited assets. The applicable tax rate depends on the relationship between the beneficiary and the deceased.
Because of those rules, families living in Pennsylvania often benefit from reviewing how assets are titled, who inherits them, and whether planning opportunities exist to improve tax efficiency.
Clients in the Pittsburgh area, including Upper St. Clair, may find it especially valuable to coordinate estate planning with their broader financial and tax strategy.
How Annual Financial Reviews Help Catch Estate Planning Gaps
Estate planning doesn't exist in isolation.
Investment accounts change.
Retirement balances grow.
Insurance policies are updated.
Family circumstances evolve.
That's why annual financial reviews often uncover estate planning issues before they become serious problems.
At Riverchase Wealth Management, our review process includes looking beyond investment performance.
We also review areas such as:
- Beneficiary designations
- Retirement account ownership
- Trust funding, when applicable
- Account registrations
- Major life changes
- Significant increases in wealth
- Coordination with your estate planning attorney
- Opportunities to improve tax efficiency
While we don't prepare legal documents, we help ensure your financial plan remains aligned with your estate plan and alert you when it's time to revisit your attorney.
The Riverchase Wealth Management Approach
Estate planning works best when it's reviewed regularly rather than only after major problems arise.
At Riverchase Wealth Management, we help clients throughout Flower Mound, Dallas, Frisco, and Upper St. Clair coordinate investment management, retirement planning, tax planning, and estate planning as part of one comprehensive financial strategy.
Our role is to work alongside your attorney and other trusted professionals, helping identify planning gaps and keeping your financial life aligned as your circumstances change.
Learn more about our Estate & Legacy Coordination services:
https://www.riverchasewealth.com/services/estate-legacy
If you're looking for a financial advisor in Pennsylvania, you can also learn more about our Upper St. Clair office:
https://www.riverchasewealth.com/locations/upper-st-clair-financialadvisor
Frequently Asked Questions
How often should I update my estate plan?
Most families should review their estate plan every three to five years. However, significant life events such as marriage, divorce, the birth of children or grandchildren, major changes in wealth, or relocation should prompt an immediate review.
Does my will control my retirement accounts?
No. Retirement accounts, life insurance policies, and many other financial accounts generally pass according to the beneficiary designation on file, regardless of what your will says.
Should I update my estate plan after moving to another state?
Yes. Estate planning laws vary by state, and relocating may affect the validity or effectiveness of certain documents. It's a good idea to have your estate plan reviewed by an attorney licensed in your new state.
Can my financial advisor update my estate planning documents?
No. Legal documents such as wills, trusts, and powers of attorney should be prepared or updated by an estate planning attorney. Your financial advisor helps coordinate those documents with your investment strategy, retirement planning, and overall financial plan.
Schedule a Complimentary Consultation
Your estate plan should evolve as your life evolves.
If you're looking for guidance coordinating your investment strategy, retirement planning, and estate plan, Riverchase Wealth Management is here to help. We serve individuals and families throughout Flower Mound, Dallas, Frisco, and Upper St. Clair with a comprehensive, fee-only fiduciary approach designed to keep every part of your financial life working together.
Schedule your complimentary consultation today:
