When should an estate plan be reviewed?

An estate plan should be revised when there are changes in the testator’s beneficiaries, property, or family status (i.e. marriage, divorce, birth or adoption of a child, etc.). This can be done by executing a proper amendment (a codicil) to modify the existing will or by revoking the existing will and then executing a new one. It is not recommended to update a will by making changes on it because such revisions may be completely ineffective.
Please note that a will can also be partially revoked if the testator gets divorced after making the will. In this case, gifts to the ex-spouse in the will, as well as appointments of the ex-spouse as executor or trustee, are void and will not be recognized. However, an ex-spouse who was designated during marriage as a beneficiary under the decedent’s life insurance policies is entitled to the life insurance proceeds upon the decedent’s death. Any temporary order issued by a divorce court prohibiting a party to a pending divorce case from changing his or her will until the divorce is final is unenforceable.
The subsequent marriage of a single testator will not revoke his or her will. If a person who signs a will before marriage wishes to leave all or part of his or her property to the new spouse, he or she should sign a new will. Otherwise, the property will pass according to state law and provisions contained in the will that was signed before marriage, and the new spouse may receive less than what the deceased spouse intended.

At a minimum, you should be meeting with a legal firm every two years to have your estate plan reviewed. It will be a very good opportunity for the firm to update you on any changes in the law. In addition, when there’s a life event, such as the birth of a child, the death of somebody named in the estate plan, change of jobs, you win the lotto. Those are great times to meet with a lawyer, not every two years, but when those life events happen.