It is important to review your estate plan, and many people do this every 3 to 5 years. You may not need to make updates every single time. But conducting these reviews allows you to reassess your estate plan and determine if any changes are necessary.
After all, failing to review your estate plan means that it could be incredibly outdated when you pass away. Assets could be left out of the plan entirely, as could certain beneficiaries. Changes to your wealth or your finances may not be appropriately accounted for. An outdated estate plan can cause many complications for your family, and periodic updates help you avoid that.
Key events in your life
Another thing to remember is that there are important events in your life that may mean you need to make updates sooner.
For example, if you are diagnosed with a serious medical condition, you may want to use a living will or a medical power of attorney to help address these concerns. You do not necessarily need to wait 3 to 5 years to do so.
Similarly, if you get married or divorced, your estate plan likely needs to change significantly. It is often best to address these types of issues as soon as you can, rather than putting them off until the next review.
Making sure your estate plan works for your family
Whether you look for important life events or set up a regular review schedule, your goal is simply to ensure that your estate plan still lines up with your wishes and gives your family guidance. Be sure you know exactly what legal steps to take at this time.
