Almost all the time, the answer is yes. As long as you have capacity, your estate plan is an evolving process that should be revisited and modified as your health, wealth, and other personal circumstances change. It is always advisable to prepare the least restrictive plan possible to achieve your objectives so that modifications could be made as your personal situation changes.
Although traditionally a will could be revised with a “codicil: to the will, which is a document that amends the will without revoking it, it is almost always preferable to have a new will prepared which revokes your existing will and supersedes the prior one.
As for trusts, it will depend on whether the trust is revocable or irrevocable. Revocable trust, in nature, allows for modification and revocation of the document. On the other hand, with an irrevocable trust, the modifications are more difficult. The ability to modify an irrevocable trust will depend on the language provided in that specific trust. Since the flexibility for modifying an irrevocable trust is much more limited, it is advised that the trust documents be drafted in such a way to consider possible life changes.
