Updates to Your Estate Plan

Several readers have asked how often they should update their estate plan, including their wills, advanced directives (living wills) and power of attorneys. My general recommendation is a cursory review every year and a detailed review every five years or any time that there is a major event. Major events include:

• Marriage
  
• Divorce
  
• Birth or Adoption of a Child
  
• When a child reaches 18 years old
  
• When you receive a significant inheritance
  
• When you have a significant change in assets
  
• Change in health status