You might have put off creating your first estate plan. Many people do, as it involves a considerable effort. The bad news is that you cannot treat it as done and dusted. The good news is that updating it will be far easier than making the initial one.
Estate plans go out of date, and if yours is not up to date, then it may not be worth the paper you wrote it on.
Changes to tax rules can require you to update your tax strategy
Governments love to undo the work of their predecessors and replace it with something more in line with their own political beliefs. For example, when one leader raises the estate tax exemption, the next may seek to reduce it.
Not all tax law changes are down to differing viewpoints. Many are due to the changing world we live in. For instance, in the last decade, the authorities have introduced laws to deal with digital property such as information you store in the cloud or your social media accounts. They have also introduced rules to deal with cryptocurrency and are likely to introduce more to ensure people cannot avoid tax by keeping their wealth in it.
Changes to your personal situation can require changing your estate plan
Your estate plan should cover all the assets you own and none that you do not. Acquiring and losing assets is natural throughout life. Ensure your plan reflects your current situation accurately.
Your family may also change with time. Marrying or divorcing may all affect your wealth as well as whom you wish to hold powers of attorney. Gaining or losing children or grandchildren may affect how you want to distribute your estate.
Having help to understand how changes affect your current estate plan allows you to update it where needed. Regularly reviewing it increases the chance that it serves you as well as possible.