A rule of thumb in estate plan is to periodically review your estate plan every 3-5 years. However, it is also important to update your estate plan whenever a life-changing event takes place such as the addition of a new family member, applying for Medicaid benefits or being diagnosed with a disease such as Alzheimer’s.
Actor Heath Ledger failed to update his estate plan after the birth of his daughter, Matilda Rose, through his relationship with Michelle Williams. His three year old will left everything to his sister and parents. A vicious family dispute through the press eventually resulted among his members.
To avoid a similar situation be sure to periodically review your estate plan, especially is a life changing event occurs. Not only will ensure that all your bases are covered, but you can also prevent fighting in your family by having a will that is up to date with your wishes.