Wills are not static documents, and estate plans are not written in stone. These things can, and will, change over time. To think otherwise could lead you down an unfortunate path where your will isn’t as strong as it could be and your estate plan doesn’t address the topics that you want it to. Updating your will and your estate plan is a necessary part of the process. So what should you be on the lookout for when it comes to updating your estate plan?
First and foremost, any changes to your family should warrant a review of your estate plan. So if you get married or divorce, or if you or your family members have children, or if there is a death in the family, then you should check your will and make sure your beneficiaries are as you want them to be.
Another critical reason to change your will or estate plan is if the value of your estate dramatically changes. This could happen as a result of the acquisition of a new asset, or due to a dramatic change in the value of an asset (may that be positive or negative).
Last but not least, the passage of time or a change in state laws pertaining to estate plans are reasons to check your estate plan or will. If a few years pass and you haven’t checked your will in that time, you should make the time to review it. If state laws pertaining to estate plans are amended or changed, look over your estate plan.
Source: FindLaw, “Checklist: Reasons to Update Your Will & Estate Planning Documents,” Accessed July 27, 2017