A common question from many of our clients involves identifying the right timeframe for updating an estate plan.
Generally speaking, there are three reasons whey plans should be updated on an approximate five-year cycle:
Changes in law, including tax laws
Changes in family situation
Changes in financial position
In some cases updates should be made more frequently, such as when changes in family situation occur including births, marriages, deaths, and so on. But generally speaking a five-year updating cycle is a good target.