When you make an estate plan you should set a reminder in your online calendar to review it every year or two. Provided not much has changed in your personal circumstances or with estate planning laws, the review should not take long.
It’s also best to think about updating your plan after any significant event in your life. Here are some to consider:
A new addition to the family
Whether it’s a new child or a new grandchild, you may want to update your estate plan to include them. Failing to do so could lead to a situation where they get nothing and all they can do is hope that their siblings or fellow grandchildren realize it was an oversight on your part and elect to share what they receive.
New children also require you to put a guardian in place, just in case you do not make it to their 18th birthday.
You marry or divorce
Most people would want to leave some or all of their things to their spouse. Few people would want to leave anything to an ex-spouse. It’s important to ensure your estate plan reflects your current feelings about someone.
You gain or lose assets
Small changes can probably wait until you next update your plan, but something major like buying a house or closing a company definitely requires an immediate update.
Unfortunately, there is no way of knowing when your final day will come, or if you might suddenly fall seriously ill and need to make use of some of the elements set up in your estate plan. Ensuring you keep your estate plan up to date ensures you are prepared for whatever lies ahead, whenever it happens.