You finally met with an attorney, executed an estate plan, and have a full set of documents that meets your needs. Congratulations! You are ahead of many of your peers. At this point, most people will put away their estate plan and never look at it again.
Now that you have an estate plan in place, you should remember to review it every time a major life event happens. Marriage, divorce, births, deaths…all of these events may have an effect on your estate plan. In addition, laws change over time, as well as your assets.
Not every life event or change in the law will require amendments to your estate plan. However, some changes may be necessary. You should always review your estate plan with a professional to ensure it still meets your needs or complies with current law. A general rule of thumb is to review your documents every 10 years. The last thing you want is for your hard-earned money to have been wasted on an estate plan that does nothing when the time comes. Don’t forget – review in 10!