Florida residents like you work hard on your estate in life. It makes sense to work hard on your estate plan, too. But do not make the mistake of thinking you can work on it once and forget about it. An estate plan must constantly change and evolve to suit your life.

Are there any times in which it is prudent to update your estate plan? Or can you update whenever, for whatever reason you wish?

Update your plan every 3-5 years

Forbes looks at times you may want to consider updating your estate plan. First, you can in fact update your plan whenever you would like to review it. Professionals recommend that you update your plan once every three to five years. They suggest you do this even if nothing significant changes in your life during that period of time. This helps you review what you wrote. You may notice some things that no longer apply that you have forgotten about.

Update your plan for big financial changes

Outside of this, you can update your plan any time there are major life changes. Family changes and financial changes are the two biggest categories. For family, this may include divorce, marriage or having a child. It can also include adoption. Financial changes may involve significant impacts on the amount of assets you have. For example, you should report changes if you file for bankruptcy. If you gain an inheritance, you should also report this.

In the end, you must decide how often you want to update your estate plan. Know that you want it to reflect your life in an accurate way at all times.