When should you update your estate plan? There certain times in your life where an update is necessary. Many of these times involve major changes in your life. The primary categories include family and financial changes. For example, you may remarry or divorce. You may adopt a child. You may want to designate a different guardian / conservator for your children. As your family changes and grows, you want your estate plan to reflect who gets what in an accurate way.
The same goes for your assets. Since your will or trust discusses how your assets are going to get divided among your loved ones, your estate needs to be updated to accurately reflect your current assets and current beneficiaries. It is a good rule of thumb to review and update your estate plan every time your significantly change or you incur notable debt.
Even if you have had no significant life changes, experts still suggest that you update your estate plan every 3 to 5 years. This allows you to review your estate plan to make sure it reflects your current desires and life situation. The process of reviewing and amending an estate plan is generally less time consuming and less expensive.