How often should I revise my estate plan and/or have a new will drawn?

The simple answer is that you should review your will (and trust documents if any) at least annually. You will be surprised at how difficult it is to do so since such a review is easily forgotten. You need an effective way to schedule this review and a good time is immediately after you have filed your federal income tax return for the simple reason that you will have a good grasp of your personal financial matters at that time. However, any method that consistently causes you to remember to review your will etc. is fine. Upon review, it will probably be obvious whether or not any changes need to be made. In particular, if you have had a child in the past year, if there has been a substantial change in your family’s current or future earning power, if you or your spouse has received a substantial inheritance, or any other event has occurred that could alter any principal provision of your estate plan, you should consider a revision. The expense of such a revision will usually be substantially less than the cost of your original estate plan, and in any event, cost should not be the final determining factor.