How Often Should You Review Your Will or Estate Plan?

Use both a calendar and life events

A periodic review helps confirm that names, addresses, fiduciaries, and asset information remain current. An earlier review may be appropriate after marriage, divorce, a birth or adoption, a death, a move to another state, or a meaningful change in health.

A new business, real-estate purchase, inheritance, retirement-account rollover, or major change in value can also affect how the plan should work.

Review the pieces that transfer property outside a will

Beneficiary designations and ownership forms can control life insurance, retirement accounts, bank accounts, and real estate. Those instructions should be reviewed with the will or trust rather than treated as a separate task.

Confirm that the right people are still named

A personal representative, trustee, agent under a power of attorney, or health-care decision-maker should still be willing, available, and appropriate. Successor choices are equally important if the first person cannot serve.