Once you have created your estate plan, it can be tempting to lock away your Will, Living Will, Trust, Power of Attorney, and other documents for safekeeping and forget about them for years to come. However, it is important to view your estate plan as a set of living, breathing documents that require alteration from time to time to reflect changes in your life.
When you experience a major life event such as having a child, getting married, getting divorced, retiring, or losing a loved one, it may be a good idea to review your estate planning documents for any necessary updates. Often, designated beneficiaries, guardians, trustees, or personal representatives may need to be changed to better reflect your current relationships and wishes. Additionally, changes in your financial status or property ownership may necessitate a review of your estate plan to make sure your best interests and those of your loved ones are served. An update to your estate plan can also accommodate your changed needs in the event of a health problem or the onset of a disability.
As your life and relationships change, make a point of reviewing your estate planning documents from time to time to ensure that your plan is still right for you and your loved ones.