Help clients understand when to update their will

Key takeaways:

• Estate planning can be an uncomfortable topic, but helping clients create a will and keep it updated can help them feel more prepared for the future. 
• Getting married, having children, or starting a business are all situations that could warrant a will update. 
• It’s estimated that less than half of Americans have a will in 2025¹ which represents a massive opportunity to help your clients create one.  

06/23/2025 – Life changes and so should your client’s will. As a trusted financial advisor, you have a massive opportunity (and responsibility) to step in and add value to your client’s financial planning. Updating a will isn’t just about asset protection—it’s about preserving the intentions of your clients.

You can remind clients that a will does more than just distribute property. A will allows your clients to designate people for important roles such as personal representative or a guardian for their children, and allows them to provide for pets, digital assets, and lay out their wishes for funeral arrangements. Attention to their will can make life easier for their family during a stressful time. Asking someone to dust off their will can feel uncomfortable, even intrusive—but failing to have this conversation could leave your clients unprepared and their loved ones unprotected. Discussing when it’s time to update a will can easily become a routine part of your advisory services. 

Why updating a will shouldn't be overlooked

According to a survey by Caring.com, only 24% of Americans have a will in 2025, and even fewer are proactively updating them when they should.² People may rank it low on their to-do list because they feel like they don’t have enough assets, or they may want to avoid a potentially uncomfortable conversation. It can be helpful to meet your clients where they are and help them address their legacy and estate planning concerns with reassurance and empathy. You can encourage your clients to take action by helping them think of a will as more than just a legal document; it’s a blueprint for their legacy. Financial circumstances, family dynamics, and even laws change over time, and these shifts can render a once-solid will outdated or incomplete. When this happens, loved ones are left to deal with unintended consequences, confusion, and sometimes legal battles.

When should a will be updated?

Although it can be helpful to set a cadence to check in with your clients every few years, updating wills can easily be attached to certain milestones. Here’s when you could encourage your clients to pull out their documents and reassess:

1. Life events that warrant a will update

Did your client recently get married or divorced? Have they welcomed a new child or experienced the loss of a loved one named in the will? Life events like these significantly impact the allocation of assets, guardianship plans, and beneficiaries. To start a conversation with your clients, you can reach out to them and ask if their family or personal life has changed recently, and if so, use it as a jumping off point.

2. When Financial Circumstances Shift

Have your clients recently bought a new home, received a large inheritance, or exited a business? Significant changes in wealth often require significant updates to estate plans, including tax considerations and the safeguarding of assets. Think of your client’s estate as a ship. Whenever the cargo (their assets) grows or changes, adjustments need to be made to keep it balanced and secure for the voyage ahead.

3. Attaining Milestones in Age

Age milestones like 40, 50, or retirement often mark phases in life when priorities shift. For aging clients, there may also be a need to assign durable powers of attorney or incorporate plans for long-term care that weren’t included in older versions of their will.

4. When Laws Change

Laws around taxes, probate, and inheritance regularly shift. For example, the passage of the Social Security Fairness Act ended certain tax provisions like the Windfall Elimination provision and the Government Pension Offset, which impacted certain social security benefits. Help keep your clients up-to-date with regulatory and legislative changes.

5. Periodic Check-Ins

Outside of specific life events, you can encourage clients to review their will every 3 to 5 years. This regular review ensures there are no gaps or outdated provisions lingering unnoticed, even without any of the life-altering changes as mentioned above.

Estate planning conversation starters

How do you have "the talk" about estate planning and wills knowing that it can be an anxiety-inducing topic for clients? Here are some ways to approach will updates without sounding alarmist or overly intrusive:

• Use tangible triggers: Tie the conversation to a recent financial or personal milestone, like that new baby or business endeavor. Something like, "Your family just grew, how wonderful! Have you taken a moment to ensure your estate plan covers everyone equally?" opens the door to discussing updates in a collaborative way.
• Provide education first: Many clients don’t realize how easily wills can become outdated. You can share simple statistics or stories that illustrate the risks of leaving a will unchecked.
• Normalize the topic: Frame reviewing their will as a standard best practice, just like annual financial check-ins or retirement reviews.
• Offer proactive reasons: Position will updates as a positive step—not a grim necessity. It’s important for clients to be able to understand that updating their will is about protecting their intentions to help ensure the things that matter most will be honored and making things simpler for their loved ones.

What to keep in mind when updating wills

Remember that financial accounts with beneficiary designations, such as retirement accounts, pass independently of a will. For many clients, retirement accounts will be some of their largest assets. Therefore, it’s always a good idea to also review beneficiary designations as they are reviewing their will.

Although having an updated will can help protect your clients and their loved ones from misunderstandings and confusion upon their passing, a will won’t avoid the probate process. Probate is public, expensive, and slow. As your clients age and assets increase, trust planning can help minimize the probate process and allow more control on how assets are left to beneficiaries.

The bigger picture for financial professionals

It’s good practice to remind clients that while everyone should have a will, it’s only one part of legacy and estate planning. For example, a will won’t cover financial assets with beneficiary designations, such as retirement accounts. Beneficiary designations are important to review alongside will updates.

Advising clients about when to update their wills isn’t just good practice, it shows that you look out for their long-term well-being, not just their short-term gains. This attention to detail can set you apart from competitors. By helping your clients address one of the most important documents they’ll ever create, you’re fostering trust, offering immense value, and empowering them to preserve their legacy.

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