As an Ohio resident, it is important to finish your estate plan in good time. It should comply with state law. It should also reflect your life at its most current moment. 

In order to achieve this, you must keep your estate plan updated. But when is it a good time to review your plan? How often should you update? Are there any times in your life in which an update is mandatory? 

Updating your estate plan is suggested but not mandatory

Forbes looks at several ways you know it is time to update your estate plan. First, it is not mandatory at any point to update your estate plan. But this plan will determine how your assets get handled after you pass. Because of this, you want the plan to reflect your life at its latest moment. Outdated information will only cause more grief for your loved ones. 

Reasons to review and update your plan

Experts suggest that you review your estate plan every 3 to 5 years. Even if nothing big has changed, it gives you the chance to refresh your memory. You may have written something down that you do not remember but no longer agree with. This quick review allows you to make sure the choices you made 5 years ago remain the same. 

Outside of that, experts suggest updating your plan at every major life change. In particular, they focus on changes to your family structure and assets. Family structure is important because it determines who inherits your assets. Financial changes are important because they involve the assets in question. When your plan reflects your family situation and assets well, you have less to worry about.