How often should an estate plan or will be updated or reviewed?
It is a good idea to review and update your estate plan or will periodically to ensure that it continues to meet your needs and reflects your current wishes. There is no set schedule for updating your estate plan or will, as the need for updates can vary depending on your personal circumstances and changes in the law. However, here are some general guidelines to consider:
Major life events: You should review and update your estate plan or will following major life events such as the birth or adoption of a child, marriage or divorce, the death of a spouse or beneficiary, or a significant change in your financial situation.
Changes in the law: Changes in the tax laws, estate planning laws, or other relevant laws can affect the effectiveness of your estate plan or will. It is a good idea to review your estate plan or will periodically to ensure that it remains up-to-date and in compliance with current laws.
Time: It is a good practice to review your estate plan or will every three to five years, even if there have been no major changes in your life. This can help ensure that your estate plan or will continues to meet your needs and reflects your current wishes.
In general, it is a good idea to review your estate plan or will periodically to ensure that it continues to meet your needs and reflects your current wishes. You should consult with an estate planning attorney if you have questions or concerns about updating your estate plan or will.
