There is no specific guidance to say how often you should review your estate plan, but there are some trigger points in your life that may signify that it’s time to at least read over what your estate plan includes.
It’s important to note that you may not need to make any changes to your estate plan after these major life changes, but it’s still a good idea to double check on your estate plan from time to time. Here are three times when you should go back over your estate plan.
You got divorced or remarried
If you have just gotten divorced or remarried, it’s time to review your estate plan. You want to make sure everything is up to date and that those who you want, or don’t want, to benefit from your estate plan are listed, or unlisted, as beneficiaries.
You have children
When you have a child or multiple children, it is a smart idea to update your estate plan with guardianship documents and any other kind of legal support that you want for your kids if you can’t care for them.
You don’t remember the last time you looked over your estate plan
If it’s been decades, it’s probably time to look over your plan. If you can’t remember who your beneficiaries are, have seen potential beneficiaries pass away or have gone many years without thinking about your plan, you might want to go back and take a look.
These are three times it might be a good idea to look over your estate plan. Your attorney will be happy to review it with you and make sure it’s up to date with the current laws.