Your estate plan isn't set-and-forget—life changes, tax laws shift, and outdated documents can create costly problems for your heirs. Knowing when to review and whom to trust with that review can save your family tens of thousands of dollars. Here's what you need to know to keep your plan current and working.
How Often Should You Review Your Estate Plan?
Most estate planning attorneys recommend a comprehensive review every 3 to 5 years, even if nothing major has changed. However, certain life events trigger the need for an immediate review:
- Marriage or divorce
- Birth or adoption of children or grandchildren
- Significant increase or decrease in assets
- Major changes to your business (sale, restructuring, dissolution)
- Relocation to another state
- Death of a named executor, trustee, or beneficiary
- Substantial changes in tax laws
- Change in your health status or capacity concerns
- Significant changes in a beneficiary's circumstances (addiction, legal issues, special needs)
Even a "routine" review every few years catches problems. You might discover that your named guardian for minor children is no longer appropriate, your designated trustee has moved away, or your asset distribution percentages no longer reflect your wishes.
Which Professional Should Lead Your Review?
Not all estate planning professionals are created equal. Depending on your situation's complexity and what needs reviewing, you have several options.
Estate Planning Attorney
An estate planning attorney should lead your comprehensive review if you have:
- Assets exceeding $1 million
- A business or significant real estate holdings
- Blended families with competing interests
- Concerns about a beneficiary's ability to manage money (addiction, poor judgment, disability)
- Trusts currently in place
- Any property in multiple states
A qualified estate planning attorney will review your will, living trust, power of attorney, healthcare directives, and beneficiary designations as an integrated system. They catch conflicts you might miss—like a beneficiary named in your will who contradicts what your trust states, or outdated IRA beneficiaries that bypass your trust entirely.
Cost range: $500–$2,500 for a comprehensive review, depending on complexity and location. Some attorneys charge hourly ($250–$400/hour) while others offer flat fees for review packages.
CPA or Tax Specialist
If your primary concern is tax efficiency, a CPA with estate planning experience can be invaluable. They're especially useful if:
- You own a business or investment portfolio
- You have significant taxable income or capital gains
- Recent tax law changes might affect your plan
- You're nearing the annual gift tax exclusion limit ($18,000 per person in 2024)
A CPA won't typically draft new documents, but they'll identify tax exposure and recommend strategies your attorney can implement.
Cost range: $150–$300/hour for a targeted tax review.
Fee-Only Financial Planner
A CFP® (Certified Financial Planner) can coordinate your broader financial picture with your estate plan. They're useful if you're reviewing whether your beneficiary designations align with your overall wealth distribution strategy or if you're unsure whether you need a trust.
That said, most financial planners won't draft legal documents—they'll flag issues and refer you to an attorney.
Cost range: Typically $1,500–$3,000 for an estate planning consultation, or 0.5–1% of assets under management annually.
The Right Combination Approach
For most people with moderate complexity, start with an estate planning attorney. They provide the most comprehensive review and catch issues specialists might miss. If your situation involves significant assets or business interests, add a CPA's review.
If you're unsure whether you need a full attorney review or just want a preliminary assessment, a fee-only financial planner can help you decide. Some comprehensive plans benefit from all three professionals working together—the attorney drafts, the CPA ensures tax efficiency, and the financial planner verifies alignment with overall goals.
Finding the Right Professional
Look for attorneys certified in estate planning by your state bar (many states have specialization certifications). Check whether they focus on estates or dabble in multiple practice areas. Ask whether they offer flat-fee reviews and what that includes. Reference checks matter—ask friends, your accountant, or your financial advisor for recommendations.
Platforms like Mercoly help you compare and find trusted estate and trust planning providers in one place, so you can review credentials, services, and pricing before booking a consultation.
Frequently Asked Questions
Q: Should I review my estate plan if nothing major has changed in my life? Yes—tax law changes alone can affect the efficiency of your plan. A routine 3–5 year review catches these shifts and ensures your documents still reflect your intentions.
Q: Can I update my will without an attorney? Updating documents without an attorney risks creating ambiguities or conflicts that could trigger expensive probate disputes. An attorney's review or update ($300–$800) is insurance against that risk.
Q: What happens if I die without reviewing outdated beneficiary designations on my IRA or life insurance? Those assets pass to whoever you named—regardless of what your will says. This often contradicts your current wishes and can trigger family conflict.
Ready to get your estate plan reviewed? Find qualified estate and trust planning professionals in your area today.