A good estate plan should be reviewed regularly rather than treated as a one-off exercise. As a general guide, review your arrangements every three to five years and whenever there is a significant change in your life.
Relevant changes include marriage, divorce, separation, the birth of a child or grandchild, bereavement, buying or selling property, starting or selling a business, receiving an inheritance or a substantial change in the value of your estate.
You should also review your plan if a beneficiary, executor, trustee or attorney dies, becomes unable to act or is no longer an appropriate choice.
Tax rules and legislation can change too, meaning arrangements that were suitable several years ago may no longer achieve their intended result. Regular reviews help ensure your will, trusts, Powers of Attorney and other planning continue to work together.