Once you write an estate plan, you may feel like that is all you need to do. However, it is actually just the first step.
You should review and update your estate plan every so often. But how do you know when to do a review?
Regular 3-5 year reviews
Forbes discusses the importance of updating your estate plan. This reflects your wishes at the end of your life, but needless to say, these wishes may change over time. This is why periodic review and changes are necessary, to ensure it stays true to your current wishes.
If nothing severe changes in your life, you should still look over your estate plan once every 3 to 5 years. This lets you refresh your memory and ensure that everything is actually in place according to your current life situation.
Major life changes to review for
If anything major changes in your life, you should review and update your estate plan as soon as possible. This holds particularly true if these life changes happen in your beneficiaries or assets.
For example, if you end up divorced from a spouse or remarried, you want to remove or add the respective spouse or ex-spouse from your will.
As for assets, you obviously cannot bequeath things that you no longer have. Thus, it is important to edit your will accordingly if you end up losing or gaining assets.
If confused about when to review, know that it never hurts to take a look at your documents and review them any time you want. No laws exist determining when to do it, so it is up to you to decide.
