How Often Should I Update My Estate Plan?

We believe it makes good sense to review and update your estate plan and any accompanying documents every three to five years, approximately. Reason being, you just don’t know –unless this is a field that you’re an expert in, or what laws may have changed that impact your documents specifically. From our perspective and most of our clients, who have invested the time and money into this process, we think it would be a terrible thing to have a document that you’re relying upon not work when you need it to work. So for that reason, just review every three to five years.

Also, what makes sense within that time frame is, you just don’t know how you’re gonna feel about people you’ve appointed to serve in different roles within your documents — beneficiaries you’ve made. Three to five years is a long time, longer than you realize, and often we sit with folks and quickly determine they feel differently than they did three to five years ago. Other things that we think prompt a good sort of rationale for reviewing and updating is health changes within the family, you and/or an important close family member who may be named to serve in some role, or maybe who you’re providing for. Also, a change of job. Although it might not intuitively impact your estate planning documents, the reality is, you’re getting into your financing and you’re thinking about this. It’s just a good excuse to take a fresh look at it.

To learn more about how you can ensure your estate plan is up-to-date, read our blog post, Your Life and Estate Laws are Always Evolving. Has Your Plan Kept Up?