The best time to update your estate planning will depend on how often your circumstances change. As is the case with triggering the consideration of writing an initial estate plan, the same goes for where to considering an update.

Here's a good rule of thumb:‍

• You should update your estate plan every five years, or whenever a significant life event occurs.
• Consider any "significant life event" as a "change in circumstances" which then triggers the need to update your estate plan.

Here are some examples:

• buying a house
• starting a business
• birth of new child
• birth of grandchildren
• getting a divorce
• being diagnosed with a serious medical condition
• winning the lottery
• receiving an inheritance
• etc.

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Any of these scenarios could change your planning significantly; who the beneficiary of your estate might be, how much tax you may be liable to pay and/or whether you need someone to act as an attorney on your behalf should you lose capacity.

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If you are ever in doubt of whether you need to update your planning, then why not book in for a free consultation with one of our consultants who will be able to give you the advice you need.

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Book here