It is important not only to have estate planning documents in place, but also to keep these documents up-to-date as your life changes. The rule of thumb is to review these documents every five years to see if any revisions need to be made. If changes have occurred in your life since documents were last updated, it may be necessary to revise your estate planning documents. Here are some of the life changes that may prompt the need to update your documents:
1) Marriage. If estate planning documents were last revised before you got married, you’ll want to update them to include provisions for your spouse. Often, people wish to name their spouse as Executor under their Will or as primary Agent in Power of Attorney documents. You’ll also want to make sure that your spouse will receive assets under your Will.
2) Children. You’ll want to be sure to update estate planning documents when children are born, including planning for minor children (such as adding testamentary trust language and choosing guardians for them). You’ll likely want to update your estate planning documents again once your children reach a certain age as well as when they legally become adults.