Creating your estate plan is an endeavor that takes up much of your time, energy and effort. Once you finish it, however, you will need to keep up with its maintenance over time, because it needs to reflect your current life circumstances.
In order to ensure it is up to date, you should go through periodic reviews. But how do you know when to start one or how to handle them?
Keeping watch over certain components
First, note that most experts suggest you review your estate plan at least once every three years. You do not need to go through the entire plan with a fine-toothed comb, but you should keep an eye on the parts most prone to change. This will often include major components like your will or trust, along with names that you might list as beneficiaries or active participants in the estate.
As Forbes states, you should review certain parts of your estate plan with some frequency, too. This includes the aforementioned major components, as well as anything having to do with changing litigation in your area that will alter how the state handles estates.
Facing major life changes
If some major occurrence happens in your life that alters it in some way, you will want to review the parts of the plan directly relevant to it as well. For example, you likely do not want your newly-divorced ex-spouse to get any part of your estate. If you fall into debt, you do not want to give away money you no longer have, either.
Of course, it can help to have legal professionals guiding you through the first few updates you do, or offering aid if you have a particularly large or complex estate.