It is recommended that you update your incapacity documents every three to five years. This helps financial and medical institutions know that your stated wishes are up to date, such as the listed agents/representatives are who you want to act on your behalf. When updating your incapacity documents, it is a good time to review your wills and revocable trusts to ensure you still agree with the existing terms.
Two instances that may trigger an update to your estate plan include:
- Changes in the law (such as tax law change that affects your plan); and
- Changes in your life (such as marriages, births, divorces, deaths, etc.)