Maybe your estate plan was created when you were single, and there have been some significant changes in your life. Perhaps you got married or divorced. You may have had or legally adopted children, or you may also now be on better terms with children with whom you were once estranged. Finally, tax and estate laws can also change over time, requiring further updates to your planning documents. Any of these reasons could be important factors that would require an estate planning review.
WMUR’s article entitled “The 'final' estate-planning step” reminds us that change is a constant thing. With that in mind, here are some key indicators that a review is in order.
As a general rule, even if none of the above events have triggered you to do so, we recommend that every 3-5 years you review your estate plan to ensure it is still accomplishing your goals. However, certainly your estate planning review should occur more frequently if any of the above has occurred in your life. Failure to review and update your estate plan could mean the people you want to receive your assets may not actually receive them, or may not receive them in the manner you wish. Consult with en estate planning attorney to review your estate plan and ensure it meets your goals.
Reference: WMUR (Feb. 3, 2022) “The 'final' estate-planning step”