Estate planning is a lengthy process that will often last for a lifetime. The process does not end after the creation of your estate plan, after all. You also need to keep up with management, reviews and updates of the plan.
But when do you know that it is time to update your plan? How do you even tell when you should review it?
Reviewing and updating every 3 to 5 years
According to Forbes, you can look for several signs that it is time to update your estate plan. First, experts suggest you review your plan every 3 to 5 years even if nothing significant changes in your life. Over this many years, you will likely experience small life changes that you do not even notice or remember which may alter the overall desires you want to be displayed in your estate plan.
You do not have to update your plan when you review it, however. If you take a look and do not find anything that needs fixing or updating, then you can simply leave it alone until the next review.
Implementing quick changes
In the event that you do find something to change, you should change it as quickly as possible so you do not forget. After all, you never know the twists and turns life may take, and you want your estate plan updated and reflecting your current life circumstances and desires just in case the worst occurs.
You should not wait for 3 to 5 years to review and update your plan if you face major changes in your life, too. For example, if you undergo a divorce or come into a large inheritance, you should update your estate plan to reflect these changes immediately. This is the best way to prepare for the future.