Estate planning is often treated as a one-and-done task, but your estate plan should evolve as your life does. There are several reasons why it is important to keep your estate plan current. Marriage, divorce, birth of children or death of a beneficiary all require updates to your estate plan. Further, as your wealth grows or changes, your estate plan must adapt and change. This may also be true if you own new or different real estate. Additionally, laws change regularly, and regular reviews and updates will make sure your estate plan is using the best and most up to date planning tools to protect you and your loved ones in the future. Finally, your wishes may have changed, or the lives of the people named to act for you on powers of attorney may have changed such that new and different choices make sense.

You should review your estate plan every 3-5 years, after a major life change, if tax laws change, if you move to a new state or when there are significant changes to your assets. Creating and updating a comprehensive estate plan is about more than distributing your assets after your death. It is about making sure your wishes are honored while you are alive, with powers of attorney, and providing for your loved ones through smooth and conflict free transfer of assets after your death.