When should you review your estate plan?

Creating your estate plan isn’t a one-and-done event. Instead, it’s the start of a process that continues until you die. Even though most people don’t want to think about these final affairs, you mustn’t forget to review your estate plan once you have it set. 

At a minimum, you should review your estate plan every five years. There are some life events that may lead to you needing to review it prior to the five-year mark. 

Major life events

Most major life events, such as moving to a new state, will trigger the need to review your estate plan. These include events like having or adopting a baby, getting married or going through a divorce. Your children turning 18 or having children of their own may also require you to take a look at your estate plan. The death or incapacitation of someone named in your current estate plan also means you need to rethink the plan. 

Significant asset changes

Because your estate plan should include only your current assets, you need to review and update the plan if you sell off any listed assets. You’ll also need to add in any new assets that you acquire. 

You should also review and update your estate plan if there are significant changes to applicable laws, including those related to estate planning or taxes. These may be difficult to keep up with, so it’s best to work with someone who can assist you with determining if any changes will affect your estate plan.