How often should I update my documents?

Financial and legal information becomes outdated remarkably quickly. Account numbers change, institutions merge, policies are purchased or terminated, and assets appreciate or depreciate. Stale documentation can be worse than no documentation.

Annual comprehensive review is the minimum standard. Choose a memorable date: your birthday, January 1st, end of financial year, or your wedding anniversary. Set a recurring calendar reminder that you cannot dismiss without actually doing the review.

During annual review, systematically check every section: financial accounts (all accounts still open and accurate? New accounts to add?), property and assets (current valuations, new purchases, sales?), insurance policies (updated coverage amounts, beneficiaries still correct?), contacts (all contacts still current with correct details?), passwords and digital assets (new accounts created, old ones closed?), legal documents (will still current? Powers of attorney still appropriate?), and super accounts (updated balances, nomination renewals?).

Beyond annual review, certain life events trigger immediate update requirements: marriage or new partnership, divorce or separation, birth or adoption of children, death of family members or contacts, home purchase or sale, job changes, starting or selling a business, receiving inheritance, and significant health diagnoses.