An estate plan is made up of living documents. Legal documents such as Wills, trusts, and powers of attorney are flexible and, therefore, can and should be reviewed on a regular basis. Most estate planning professionals advise that an estate plan be reviewed, and if necessary, updated every three to five years, or more frequently should a major life change occur. Many people put off estate planning under the false assumption that planning early will cause the plan to be “locked in,” and unchangeable.
Waiting to start on an estate plan until “sometime in the future” or “a life changing event” such as marriage or having children is unnecessary due to amount of flexibility available in an estate plan. In fact, waiting to begin planning can cause undue stress and financial hardship for loved ones should something unexpected occur. It is always important to have an estate, and it is equally important to review the plan regularly to make sure it still conforms to current living situations.