FACT or FICTION: I should review my estate plan on a regular basis.

ANSWER: FACT.

You should review your estate plan regularly to make sure the plan continues to meet your needs.

An estate plan includes not only your Last Will and Testament, Powers of Attorney, Living Will, Revocable Trust, etc., but also your beneficiary designations on assets such as life insurance policies and retirement benefits. The way you title your real estate and other assets is also an important part of your estate plan.

Keep in mind that over time, certain life events or changes may warrant a change to your estate plan. Examples of those changes might include marriage or partnership changes, the birth or adoption of a child, address or phone number changes, or the death of someone named in your documents. A Will written 15 years ago may not be appropriate today.

How often should you review your estate plan? I recommend every 3-4 years. The time frame could be shorter, however, if a life event or change warrants an update of your estate planning documents now.

Your attorney can help you with your estate planning review. It’s time well spent!

If you've never met with an attorney to devise an estate plan, don't wait to get the process started. Everyone needs the basic estate planning documents (Will, Powers of Attorney, Living Will, etc.) in place.