Fred pulled the manila folder from his desk drawer, shaking off a thin layer of dust. Through the faded ink, he noted the will inside still listed his ex-wife as his beneficiary. His newborn daughter wasn't mentioned.  Don't let your will become a relic like Fred's. Learn five ways to tell when it needs an update.

A recent Caring.com survey found that many people view estate planning as essential when they acquire valuable assets like a home or a substantial cash windfall. More than half of the respondents -- 56 percent -- said they don't have a will or trust because some feel they lack enough assets to leave anyone. But estate planning involves more than things -- it also involves people; your final wishes form the future for those you love. The best time to plan is when you're healthy and don’t face a crisis. Yet, as the survey showed, some age groups are more prepared than others, and certain factors influenced their choices.