One of the greatest mistakes that many people make is they assume that estate planning is only meant for people with a vast amount of wealth. But to the contrary, estate planning is something that everyone should engage in as early as possible in their life. The decisions you can make in your estate plan are crucial, and any wealth that you have — no matter how “small” it may seem to you — should be protected.
A will is the central pillar of an estate plan. This critical document should not be taken lightly, and after you create yours, it should be properly maintained and reviewed on a frequent basis. Letting it decay and become obsolete or out-of-date is a major “no-no” when it comes to estate planning.
This leads to the obvious question: when should you update your will? What events should trigger a review of this document?
Any major life event should make you think “okay, it’s time to alter my will.” This means that if you get married or divorced, have children, gain or lose a major asset, or one of your beneficiaries passes away (or your relationship with him or her becomes untenable), then you should update your will.
Also, the passage of time is enough to sit down and read your will for a day. You should also keep up to date with your state’s law regarding estates and wills, because if they change, your will should likely change with it.
Source: FindLaw, “Checklist: Reasons to Update Your Will & Estate Planning Documents,” Accessed April 6, 2018