Estate Planning Estate Planning and Probate An estate plan may consist of a single document or may have a will, durable powers of attorneys, family limited partnership, life insurance trusts, living trusts, irrevocable trusts, along with other complex estate planning devices. The simplicity or complexity of an estate plan will depend upon the needs and desires of the person involved. Once developed, your estate plan should be reviewed and updated at least once a year or anytime there has been a significant change (marriage, divorce, death, birth, or change in your desired distribution scheme) in your life. All too often the decision to create an estate planning or make an important revision is put off until it is too late.