If it is not updated, your plan may well become a bad plan.
It doesn’t matter if it is life or your business that changes when it comes to estate planning. When key parts of your life change, the environment needs a fresh look, according to the Herald News in "Revisiting Your Plan."
Like the business environment, the estate planning environment is constantly changing. There are laws that could possibly have an impact on your estate change. Your goals and life circumstances also change. It would be as ridiculous to not change your estate plan when these changes happen, as it would be to not change a business plan when the business environment changes.
Make sure that you keep in contact with an estate planning attorney, who can let you know if anything has changed in a way that should necessitate changing your estate plan.
Reference: Herald News (April 22, 2018) "Revisiting Your Plan."