Not literally, but think of it like a beautiful, low-maintenance house plant and you just need to provide it a bit of care to keep it from wilting. If you’ve experienced any of the following life changes you’ll want to make adjustments to your plan so it’s as current as possible:
- New additions to the family, either by birth, adoption, or guardianship
- If you’re experiencing health issues
- If you move to new state where laws may be different
- If you come into money
- If anyone you named in official, financial, medical, or legal documents passes away (such as the person you named as a beneficiary in your Will or for an insurance policy)
For more information about the specifics of each event listed above check out this article: 7 Life Events That Require An Immediate Estate Plan Refresh. You also don’t have to wait until any of these events happen to make routine updates to your plan. It’s best to review it every few years (at least) so your family isn’t left scrambling to find the most up-to-date information if an emergency strikes.