When it comes to your estate plan, you should never create one and then forget about it. Estate plans can be out of date. If you undergo serious life changes, then your estate plan may lack important beneficiaries or inclusions.

If you have an estate plan, it is up to you to decide if it is up to date. There are three questions to ask if you do not know if you should update your plan.

Do you want to donate to charity?

According to Forbes, a lot of people decide to donate to charities regularly. When people have significant wealth, they often want to leave money to their alma mater, their church or other organizations that matter to them. If you have charitable giving as a part of your estate plan, then you can give outright gifts to charities. You can even set up a trust to provide income with the rest to go towards charity.

Do you have new beneficiaries?

When was the last time you reviewed your beneficiaries? It is important to review your estate plan every couple of years. You especially want to do this if you went through a divorce or remarried. You may also want to consider reviewing your estate plan if any new children were born.

Do you have life insurance?

Life insurance can protect your loved ones from the loss of income that may occur if you die suddenly. In addition to protection, life insurance is a way to pass income without taxes to your loved ones. If you want to pass on your legacy without estate taxes or if you have a lot of collectibles, then life insurance can be an adequate option.