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Most people treat an estate plan like a task to check off a list. Once it is done, it sits in a drawer. The problem is that life keeps moving, and a plan that made perfect sense five or ten years ago may no longer reflect your current reality at all.
Estate planning professionals often refer to the “5 Ds” as the key life events that signal it is time to take another look. Each one has real implications for who receives your assets, who makes decisions on your behalf, and whether your plan will hold up when it matters most.
Death
When someone named in your estate plan dies, updates are often needed immediately. This could be a beneficiary, your named executor, a trustee, or the person you designated to make healthcare decisions for you. If that person is gone and your documents have not been updated, your plan may default to outcomes you never intended.
Reviewing your plan after the death of anyone named in it is not just good practice; it is required. It is a practical necessity.
Divorce
Divorce changes everything, financially and legally. In Wyoming, some provisions related to a former spouse may be automatically revoked after divorce, but that does not cover everything. Beneficiary designations on life insurance policies and retirement accounts are not always affected by state law and must be updated manually.
A Laramie estate planning lawyer can walk through your documents after a divorce and identify exactly what needs to change so nothing falls through the cracks.
Diagnosis
A serious health diagnosis, whether your own or a close family member’s, often shifts estate planning priorities significantly. Suddenly, questions about long-term care, medical decision-making, and Medicaid eligibility become much more immediate. Powers of attorney, healthcare directives, and trust structures may all need to be revisited.
Planning after a diagnosis is still worthwhile. It is almost always better to act than to wait.
Decline
Cognitive or physical decline raises questions about who is managing your affairs and whether the right legal tools are in place. Key documents to review include:
- Durable power of attorney for finances
- Healthcare power of attorney
- Living will or advance directive
- Any trust arrangements that address incapacity
Without these documents in place, a family may have to go through a court guardianship or conservatorship proceeding to gain the legal authority to help you. That process is time-consuming, expensive, and public.
For general information on how Wyoming handles guardianship and conservatorship, the Wyoming Judicial Branch provides public resources on court procedures.
Decade
Even without any dramatic life event, a decade is long enough for tax laws, family dynamics, and your financial situation to shift considerably. Federal estate tax thresholds change. Children grow up. Grandchildren are born. Assets are acquired or sold. What worked in your forties may not serve you well in your fifties or sixties.
Treating a ten-year mark as a routine checkpoint is a simple way to stay ahead of problems before they develop.
Keeping Your Plan Current
An outdated estate plan can create as many problems as having no plan at all. A Laramie estate planning lawyer at Davis & Johnson Law Office can review your existing documents and help you make targeted updates that reflect where your life is today. If one of the five Ds applies to your situation, now is a practical time to reach out.