How often should I update my estate plan?

One question clients frequently ask me is how often they should review and update their estate plans.  As a general rule, I recommend that clients revisit their estate planning documents every two or three years.  Family members die, friends fall out of favor, and marriages dissolve—in any of these events, the people you previously designated to serve as your executor, or agent for medical or financial decisions, may no longer be suitable to serve in these capacities.  

Additionally, you should update your estate planning documents after any of the following:

• Death of a spouse;

• Divorce;

• Birth of a child;

• Change of residency; or

• Change in financial circumstances.