Creating an estate plan is an important step, but it’s not a one-and-done task. Estate plans should be reviewed and updated periodically to reflect changes in your life, your finances, and Wisconsin law. An outdated plan can lead to probate delays, unintended distributions, or missed opportunities for long-term care planning.
A Smart Schedule: Review Every 3–5 Years
Even if nothing significant seems to have changed, Wisconsin residents should review their estate plan every three to five years. Wisconsin laws governing probate, trusts, marital property, and Medicaid-related planning can evolve, and older documents may no longer achieve your original goals.
A regular review with a Wisconsin elder law attorney can help ensure that:
- Your plan still reflects your wishes
- Your documents comply with current Wisconsin law
- Beneficiary designations remain consistent with your estate plan
- Opportunities for probate avoidance or asset protection are not overlooked
Life Events That Call for Immediate Updates
Certain events should trigger an estate plan review right away, including:
- Marriage or divorce (especially important in Wisconsin, a marital property state)
- Death or incapacity of a spouse, beneficiary, or fiduciary
- Birth or adoption of a child or grandchild
- A significant change in health or diagnosis
- Retirement or major financial changes
- Buying or selling real estate
- Moving into or out of Wisconsin
For older adults, changes in health or living arrangements are particularly important. A new diagnosis, concerns about memory or decision-making, or the possibility of needing assisted living or nursing home care may require updates to powers of attorney, health care directives, or trust provisions.
Wisconsin Long-Term Care and Medicaid Planning
Many Wisconsin estate plans include strategies to prepare for possible long-term care needs. Because eligibility rules for Medicaid long-term care programs can change, it’s important to revisit your plan if:
- You or your spouse may need long-term care in the future
- Your income or assets change
- Your plan was created before long-term care planning became a concern
Advance planning can help protect assets, coordinate benefits, and reduce the financial and emotional burden on your family. It can also help address Wisconsin’s Medicaid estate recovery rules.
Revisit the People You’ve Chosen
Over time, the individuals you named in your estate plan may no longer be the best fit. During a review, consider whether your chosen:
- Personal representative (executor)
- Trustee
- Agent under financial power of attorney
- Health care agent
are still willing, able, and appropriate to serve.
Keeping Your Estate Plan Current Is an Act of Care
An up-to-date estate plan provides clarity, reduces family conflict, and helps ensure your wishes are honored under Wisconsin law. Regular reviews also give you peace of mind, knowing your plan reflects your current priorities and circumstances.
If it has been several years since you last reviewed your estate plan, or if your life or health has changed, now is a good time to meet with an elder law attorney to make sure your plan is still serving you and your family well.
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