When it comes to a will or estate plan, don't just set it and forget it. You need to keep them updated

When it comes to a will or estate plan, don't just set it and forget it. You need to keep them updated  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, DEC 08, 2021 YOUR WEALTH Editor's Note Having a will is one of the most important things you can do for yourself and your family. Not only can a will legally protect your spouse, children and assets, it can also spell out exactly how you would like things handled after you have passed on. If you have already prepared a will, good for you because you are ahead of the game. While many people think that drawing up a will is a one-time task, this isn't how estate-planning tools should be used. Life is unpredictable and that means relationships and preferences can change over time. If your will was written a few years ago, it is crucial to review this and other estate-planning documents and make sure the contents still reflect your wishes. So, now the question is: How often should you review/update your will? A good rule of thumb is to review important legal documents (including your will) every three to five years. A will review is also recommended in the following scenarios: • Upon the birth or adoption of a child, grandchild or other family member. • Following a marriage or divorce. • When someone named in your will passes away. • When children, grandchildren or other heirs reach adulthood. • Upon changes in your executor, guardian, and/or trustee's circumstances. • When the value of your estate significantly increases or decreases. • Upon starting a business. • Following changes in tax laws. You may also ask yourself these questions: Is anyone missing from the document? Is someone listed who shouldn't be any longer? How do you feel about the way your assets are to be divided? For more cool stuff like this, check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow. Jim Pavia Money Editor @JIMPAVIA When it comes to a will or estate plan, don't just set it and forget it. You need to keep them updated There are various life events that should spur a review of your will and other end-of-life planning documents. These states offer a workaround for the SALT deduction cap As Congress wrestles over changes to the SALT cap, nearly 20 states now offer workarounds for pass-through businesses. Here's what filers need to know. Stocks are back up already. What would have happened if you'd sold? Investors who sold during the recent market troubles are no better off than those who stayed in. They're likely in a worse situation. Here are 5 ways to protect yourself against credit card fraud this holiday season Whether you do your holiday shopping in a store, online or on an app, it's important to keep these five tips in mind to protect your credit and your identity. Op-ed: Here are some smart tax moves to consider before Dec. 31 Questions remain how much of any new tax burden will be imposed by year's end. There are, however, effective tax strategies that can be implemented now. Americans donated $2.7 billion on 'Giving Tuesday.' Here's how donors can score a write-off if they don't itemize deductions There's a special tax break of up to $600 for cash gifts in 2021, even without itemizing deductions on your federal return. Here's what to know. Want to give the gift of stocks this year? What to know Gifting stocks to children can be a great way to teach them about investing and boost financial literacy. Did you work from home this year? When you can claim the home-office tax deduction The home office deduction is a nice tax break, but it's only available to the self-employed. Jim Cramer's investing club is bringing new people into the stock market "It's for the people who are fascinated by the concept of making money by buying stocks," said Jim Cramer. The volatility is the point "The quickest way to out yourself as an amateur investor is to post comments online mocking others for being in a stock, sector or asset class that's undergoing turbulence ..." CONTRIBUTORS Sharon Epperson @sharon_epperson Josh Brown @ReformedBroker Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel   Digital Products Feedback Privacy Policy CNBC Events   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS