Life in Order 2025 — When Should You Update Your Estate Plan?

Pink Magazine's Life in Order — June 2025 Issue
By Noreen K. Scaperotti, Esquire

 

In all your roles as a woman, your time is valuable and your life is often filled with complexity—whether it's expanding a business, running the household, welcoming new family members, or preparing for retirement. Amid all of life’s demands, it's easy to forget about one of the most critical pieces of your financial and personal strategy: your estate plan.

Estate planning is not a “set it and forget it” task. Just as your life evolves, so should your estate documents. An outdated plan can lead to unintended consequences, such as probate complications, unnecessary taxes, or even disinheriting loved ones. So, when is the right time to update your estate plan?

Here are six pivotal moments that call for immediate review—and often revision—of your estate planning documents.

1. Significant Change in What You Own
Whether you’ve recently purchased real estate in South Carolina or out of state, acquired a new business interest, or seen your investment portfolio grow, it’s essential to ensure your estate plan reflects these changes. Without updated documents, these new assets may not be distributed according to your wishes, and worse, may trigger avoidable tax burdens or fall into unintended hands.

For example, many local professionals invest in rental properties or expand business holdings as they grow their careers. If those assets aren’t properly titled or included in a trust, your heirs may face a lengthy and costly probate process.

2. Death of a Loved One or Family Changes
The death of a spouse, child, or named fiduciary (executor, trustee, or power of attorney) requires an immediate estate plan update. Similarly, marriages, divorces, births, or adoptions all shift the family landscape—and your plan should reflect those shifts.

If a named guardian for your minor children has passed away or become unable to serve, or if a new grandchild is not yet accounted for in your trust, it’s time for a revision. With today’s blended families and complex relationships, ensuring your wishes are clearly articulated reduces the risk of legal disputes and emotional stress later.

3. Moving From Out of State
South Carolina’s laws governing wills, trusts, advanced directives, and probate may differ significantly from those in your previous home state. This is especially relevant for newcomers who have relocated to Beaufort County for its lifestyle, tax benefits, or business climate.

Even if your documents are legally valid, they may not work efficiently under South Carolina law. For example, the execution requirements for powers of attorney or health care directives vary by state, and certain tax-planning strategies may no longer apply.

Updating your estate plan after moving ensures your documents comply with local laws and protect your wishes fully.

4. Retirement and Lifestyle Transitions
Retirement is more than just a change in occupation, it often comes with a shift in priorities, income sources, and future goals. Whether you’re selling a business, drawing from retirement accounts, or relocating to a coastal home, your estate plan should reflect your new financial reality.

This is also the time to confirm your powers of attorney and health care directives are up to date. As we age, the likelihood of needing assistance with medical or financial decisions increases. Making these choices now ensures your preferences are respected later.

5. Business Succession and Tax Planning
For entrepreneurs and small business owners, estate planning isn't just about family, it’s also about preserving what you’ve built. If you own a business and haven’t clearly outlined a succession plan, your company could face legal or financial turmoil upon your death or incapacity.

A thorough estate plan can designate successors, protect your family’s interest, and ensure the continued operation of your business. It can also reduce estate taxes and clarify intentions for business partners, employees, and heirs.

Regular reviews of your succession plan, especially after any structural or leadership change, are crucial to keeping your business legacy intact.

6. The Passage of Time
Even if none of the above life events apply, reviewing your estate plan every three to five years is a good habit. Laws change, as do best practices in tax planning, asset protection, and trust structures. What made sense a decade ago may no longer be optimal today. A periodic review with an estate planning attorney can reveal opportunities to streamline your plan, reduce tax exposure, and better align your documents with your current goals.

Take the Next Step
Estate planning is not just about distributing wealth, it’s also about protecting your legacy, your family, and your peace of mind. Don’t let outdated documents create problems for your loved ones. If any of these life events resonate with you, now is the time to act.

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Noreen K. Scaperotti, Esquire, is an estate planning attorney with the Mikkelson Law Firm in Bluffton. Licensed in South Carolina, Georgia, and New York, Noreen provides tailored guidance to ensure your estate plan remains aligned with your evolving life and goals. She is a graduate of Fordham University and Pace Law School. Originally from New York’s Hudson Valley, Noreen relocated to the Lowcountry in November 2021. She is married to her high school sweetheart and has three young children. To schedule a consultation with Noreen and learn more about the services that she provides, please call Mikkelson Law Firm at 843-757-9330 or email This email address is being protected from spambots. You need JavaScript enabled to view it..