You've taken the important first step of creating an estate plan. Congratulations! That act alone puts you far ahead of most people in securing your legacy and protecting your loved ones. But an estate plan is not a "set it and forget it" document. Think of it less like a stone monument and more like a house you live in. It requires regular maintenance, occasional repairs, and sometimes even a major renovation to ensure it remains strong, secure, and suited to your life.

So, how often should you be checking in on this crucial financial house? While a standard rule of thumb is to review your plan every three to five years, the true answer is more nuanced: you should review your plan whenever your life, your laws, or your assets undergo a significant change. Let's walk through the specific triggers that should prompt you to pull your documents out of the safe and give them a thorough look.

A change in your family structure is one of the most powerful reasons to update your estate planning documents. These personal milestones can completely reshape your intentions.

The birth or adoption of a child is a moment of immense joy, and it should be followed by an immediate review of your plan. You'll need to name a guardian for your minor child in your will, a decision of profound importance. You'll also want to ensure that any trusts are structured to provide for their care, education, and future. This is also the perfect time to consider setting up a 529 college savings plan and naming it as a beneficiary.

Marriage is another key trigger. You will likely want to make your spouse a primary beneficiary on your life insurance, retirement accounts, and any trusts. You may also wish to grant them powers of attorney for finances and healthcare. Conversely, if you are getting married with a prenuptial agreement, your estate plan must be carefully crafted to align with its terms.

Divorce or the death of a spouse necessitates an urgent and comprehensive overhaul. An ex-spouse named in a will, as a beneficiary on an insurance policy, or as a holder of a power of attorney is a common and often contentious oversight. You will need to remove them and appoint new individuals you trust to fulfill these critical roles. The emotional toll of losing a spouse is heavy enough; don't let an outdated estate plan add legal complications to your grief.

A change in your financial situation is an equally compelling reason to revisit your strategy. Your estate plan is built around what you own, and when that changes, your plan should adapt.

A significant increase in net worth, whether from an inheritance, a business success, or investments, can push you into different estate tax brackets. Strategies that were once unnecessary, like more complex irrevocable trusts, might now be essential to shield your assets from taxes. Conversely, a substantial decrease in assets might simplify your needs.

Starting, buying, or selling a business is a massive financial event. Your plan must address what happens to your ownership interest. Do you have a buy-sell agreement with partners? Is the business to be sold, or passed to a family member? Your estate plan and your business succession plan must be seamlessly integrated.

Purchasing or selling a major asset, like a second home or a valuable piece of art, should also prompt a review. You need to ensure these specific assets are properly titled and that your plan directs them to the intended beneficiaries.

The world around you is constantly changing, and the laws governing estates are no exception. Staying abreast of these shifts is a key part of responsible planning.

Federal and state tax laws are in a perpetual state of flux. The exemption amount for the federal estate tax has changed dramatically in recent years. What was a solid plan under an old law might be inefficient or even counterproductive today. A regular check-in with your estate planning attorney can help you capitalize on new opportunities and avoid new pitfalls.

Changes in state-level laws can be just as important, especially if you move to a different state. Laws regarding wills, trusts, probate, and property ownership vary significantly. A plan perfectly valid in your old state might not work as intended in your new one.

Beyond these major triggers, there are other personal and relationship changes that warrant attention.

Your chosen fiduciaries are the human engines of your plan. The executor, trustee, or agent you named a decade ago may no longer be the best choice. Perhaps they have moved away, passed away, or your relationship with them has soured. It's vital that the people you trust to carry out your wishes are still willing, able, and geographically appropriate for the task.

As your children mature, your perspective on their inheritance might change. Leaving assets to a responsible 35-year-old is different from leaving them to an 18-year-old. You may decide to adjust the ages at which they receive distributions from a trust or grant them more control. If a beneficiary develops a disability, a substance abuse issue, or is in a financially unstable marriage, you might need to add or strengthen a spendthrift trust or a supplemental needs trust to protect their inheritance.

Your own health is a critical factor. A diagnosis of a chronic or terminal illness should trigger an immediate review. This is the time to double-check your healthcare directive and power of attorney to ensure they reflect your current wishes for care and who will make decisions if you cannot.

So, what does a practical review schedule look like? Let's create a simple, actionable framework.

First, commit to a formal, sit-down review at least every three years. Even if you believe nothing major has changed, a periodic review ensures you don't miss anything. It keeps your plan fresh in your mind and maintains your relationship with your estate planning professional.

Second, and more importantly, adopt an event-driven mindset. Keep this list of triggers handy. When a "life event" from the categories we've discussed occurs, that is your cue to schedule a meeting with your attorney. Don't wait for the three-year mark.

When you do sit down for a review, be systematic. Create a checklist. Start by reading through your entire will, trust agreements, and powers of attorney. Do the names, relationships, and instructions still match your wishes?

Then, move to your beneficiary designations. This is a step many people forget. Retirement accounts, life insurance policies, and annuities transfer directly to the named beneficiary, bypassing your will. An outdated beneficiary designation is one of the most common and devastating errors in estate planning.

Review your list of fiduciaries—your executor, trustee, and agents. Confirm their contact information and have a candid conversation with them to ensure they are still prepared to serve.

Finally, compile a detailed inventory of your assets and their titles. How an asset is titled (in your individual name, in a trust, jointly, etc.) determines how it passes. Make sure your asset titling strategy is synchronized with the instructions in your will and trust.

Taking the time to create an estate plan was a gift to your future self and your family. Honoring that effort means giving it the ongoing attention it deserves. A well-maintained plan is a living document that grows and changes with you, providing peace of mind that your legacy is secure, no matter what life brings.