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We believe that everyone should have an estate plan, including essential documents like a will or a living trust. However, once you have these in place, it is not a “set it and forget it” type of plan. Just like your financial plan, it is vital to review and update your estate plan periodically to ensure it remains current and reflects your wishes, which may change over time due to significant life events. But how often should you update your will?

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YOU SHOULD REVIEW AND UPDATE YOUR WILL IF:

• Family members have died or been born. Major life changes, such as the birth of a new family member or the loss of a loved one, can affect your current wishes. It's important to update your existing will to include or remove beneficiaries to ensure your estate is distributed according to your intentions.
• Your marital status has changed. If you have recently married, divorced or remarried, it's a good idea to revise your will and other estate planning documents. Changes in your relationship status can drastically impact how your assets are allocated, and you may need to adjust provisions for your spouse or update beneficiary designations.
• Your health has changed. A sudden change in your health might prompt you to consider creating or updating a living will or special needs trust. Having these documents in place can ensure your medical and financial wishes are honored and provide guidance for your family members during challenging times.
• Your state of residence has changed. Moving to a new state means you're now subject to different state laws, including real estate law and estate tax regulations. We recommend you review your will with an experienced estate planning attorney to ensure it's compliant with your new state's requirements and addresses any state-specific considerations.
• Your income or net worth has changed. Changes in your financial situation, such as a significant increase or decrease in assets, can affect your estate plan. Acquiring new real estate, starting a business or receiving an inheritance are life events that may necessitate updates to your estate planning documents for proper asset protection and distribution.
• Three to five years have passed since you created it. Even without major life changes, it's advisable to review your will and comprehensive estate plan every few years. Minor changes in laws or personal circumstances might impact your estate, so regular reviews help keep everything up to date.

Communication about your estate plan is critical. Talk to your family, children, executor of estate and designated power of attorney to ensure they know where to find key estate documents and necessary information like usernames and passwords. Or better yet, give them copies now.

And while you're updating your will, it's also a good time to make sure your beneficiary designations are correct. This is important because beneficiary designations on your annuities, retirement accounts, life insurance, IRAs and trusts can override wills in many cases.

Another reason to review your beneficiaries: You might have forgotten that a person you no longer favor, such as an ex-spouse after a divorce or someone who is no longer living, is one of your designees. Updating your will helps avoid unintended allocations of your estate.

If you struggle with wondering how often a will should be updated, ask your financial advisor for guidance. As part of 91��̳ Engines’ comprehensive approach to planning, we can provide education on estate planning as part of your overall financial plan.��