When you write an estate plan, that is not the end of dealing with it. An estate plan needs to reflect your current life situation, which means you will have to keep it updated.
So when should you review your plan in order to update things? And how often does this need to happen?
Conducting regular reviews
CNBC states that it is essential to do reviews of your estate plan. It is suggested that you review your plan at least once every 3 to 5 years, as this gives you a chance to ensure that no small changes have happened that you forgot to include.
However, this is only if nothing major has happened in your life. If you see major life changes, then this is likely the best time to review and potentially change your estate plan to suit your new situation.
Three important areas of change
The three most important areas of change include your location, your assets and your beneficiaries. Regarding location, this is due to the simple fact that not every state has the same laws regarding estates. What is legal in one state may not be in the other, so you want to ensure that your plan still passes muster if you move.
Regarding assets and beneficiaries, this covers what you will give and who you will give it to. Sometimes assets will change, such as if you go into debt or come into money. Likewise, the people in your life do not stay the same, either. You want to ensure that you are giving what you have to the right people.