As our lives change, our estate plans should also adapt. Like a home, a car, or even your health, an estate plan needs regular checkups to see if it requires any updates. Ideally, you should review your estate plan every three years or whenever a major milestone occurs. While you're still capable, around the start or end of every year is a good time to consider if it needs to reflect changes in the law, your life, or your legacy.
The gift of an estate plan lasts a lifetime and beyond. In case of an unexpected event, like an accident, an illness, or death, your loved ones can feel comfortable knowing that your final wishes are in place. During a crisis, an estate plan removes the guesswork surrounding your end-of-life care, what will happen if you become incapacitated, who gets your assets, and how to honor your memory. It gives those closest to you guidance so they don't need to make important decisions while they grieve.