You should review your estate plan every three to five years to ensure that your assets will distribute as you desire.
However, there are certain life events and changes in circumstances that should trigger you to update your estate plan, regardless of when these events occur.
A growing family
Whenever new children or grandchildren join your family and you wish for them to inherit a portion of your estate, add them to your estate plan. If you have additional loved ones that are not related legally or by blood but wish for them to inherit any of your assets, make your wishes clear in your estate plan.
A second marriage
Revising your estate plan when you remarry allows you to ensure your new spouse is a beneficiary. You can also remove your former spouse as a beneficiary if they are still living because divorce does not automatically remove a person as a beneficiary unless stipulated in the divorce papers. Finally, if you have children from a previous marriage and you wish for them to inherit the bulk of your estate while still providing for your new spouse, the details of your estate plan can make that happen.
The executor, trustee, power of attorney and medical power of attorney are important roles in an estate plan. You should trust the people you select for these roles. If you no longer have faith in the person you have chosen for one of these roles, or if they pass away, revisit your estate plan to assign a new trusted person to the role.