Having a will is a nice first step towards building out your entire estate plan. It is also a significant milestone because many people feel thwarted by the seemingly immense task of creating a will, which then makes them avoid the task of building out their estate plan altogether. By creating a will, it can motivate people to finish the other steps inherent to creating an estate plan.
Still, creating the will is just the first step of proper will and estate plan maintenance. Once you have the will in place, you will need to update it after certain life events.
Imagine that you get married or divorced. You would likely want your new spouse to be included in your will, just as you may feel that your former spouse should be written out of the will. Ultimately it is your decision, but these life events warrant a review of your will at the very least.
Having children, or if your children have kids, warrants a review of your will too. Along the same lines, if your children turn 18, you should review your will as they may be eligible to be included in new matters on your will.
The value of your estate could drastically change -- either due to a reduction in value or the acquisition of a major asset -- and that should lead to a review of your will. Even the passage of time is enough to warrant a review of your will and estate.
Source: FindLaw, "Checklist: Reasons to Update Your Will & Estate Planning Documents," Accessed Aug. 3, 2017