A common question is how often should I have my estate plan reviewed? Certain life events such as divorce, marriage, having children and grandchildren, may warrant updating your plan to include or remove certain people.
If you have children, adding a guardian and trust for their benefit is extremely important. If there’s a divorce, you may have to remove someone. Also, if there are significant changes in assets, either up or down, adjustments to your plan might be necessary to preserve your wishes.
Aside from that, it’s generally a good idea to make sure your plan is reviewed every five years or so. There may be changes in laws you weren’t aware of that may require adjustments to your plan.