A common question related to wills or estate plans is how often individuals should update them.
The answer is twofold: when you undergo a significant change in your life that could impact your estate planning and if there are no changes in your life, every three to five years.
Life changes
Events like marriage, the birth or adoption of a child or the death of a beneficiary or executor are all reasons to update your estate plan as soon as possible. In addition, if you or your spouse experience a significant change in financial status, updating your estate plan is crucial.
Legal changes
Laws surrounding estate planning and probate change all the time. It is critical to stay up-to-date on the most recent changes in these laws and regulations. For help with this, having an estate planning attorney to help you is indispensable.
Periodic reviews
Even if you do not experience any significant life changes, and even if the laws remain the same, updating your estate plan every three to five years is a wise recommendation.
An up-to-date estate plan is essential for ensuring you make your wishes known and that you take care of your loved ones after you are gone. Regular reviews and updates prompted by life changes, legal changes, or routine periodic reviews can provide peace of mind and prevent potential complications for your beneficiaries.