When do I need to update my will or trust?

After your will has been created, your estate planning is not necessarily complete. With a will or trust, it is just as important to keep it updated. If your assets grow or shrink, you get married, divorced, have a child, or one of your heirs dies, it is very likely that you will need to change the terms of your will or trust. A will or trust can be modified at any time during your lifetime provided you are still mentally competent.