Spring is here, and as you look around and contemplate ways to refresh your homes and outdoor spaces, consider taking some time to review your estate plan as well. As time rolls along, it's vital to assess if you need to revise, add, or remove elements of your plan. Here is a quick checklist to help guide you when you review your estate plan. For a comprehensive understanding of what makes an estate plan effective, see our article on why an estate plan is so important.
Has It Been a While Since You Reviewed Your Estate Plan?
Estate plans should be reviewed every five years or so by your fiduciary financial advisor. Review more often if there are major life events: deaths, births, divorce, asset changes, or health shifts.
Pay special attention to your designated fiduciaries—guardians, trustees, executors, and agents. As you age, you may want to designate an adult child as a decision-maker instead of a parent, spouse, or sibling.
Do You Have a Change in Your Assets?
Asset changes often require estate plan updates. If you inherit and have a trust, transfer the assets or update the trust structure. If you own a home in an irrevocable trust and plan to sell it, consult an estate attorney to avoid unintentionally breaking the trust.
Do You Need a Will or an Update?
Everyone needs a last will and testament. This document expresses your wishes for how assets will be distributed after your death. Without a will, your property falls under intestacy statutes and must go through probate court.
Update your will if your circumstances change: new family members through marriage or birth, or if you want to remove guardians or trustees so adult children receive funds directly.
Are You Happy With Your Chosen Beneficiaries?
As life evolves, your desired beneficiaries may change—for your will and for specific assets like IRAs, 401(k)s, life insurance, and annuities. Marriage or divorce typically triggers beneficiary updates.
If a child or grandchild has special needs or struggles managing finances, establishing a trust for their benefit is advisable. Learn more about the options in our guide on special needs trusts explained. Beneficiary designations naturally shift throughout life.
Do You Have a Safe Place to Keep Your Estate Documents?
Your family needs quick access to estate documents during emergencies or after your death. Health care proxies and powers of attorney must be readily available.
Options include a locked cabinet or drawer at home. Modern online secure storage services allow family members to access documents quickly and eliminate the risk of loss or damage.
Do You Have a Trusted Financial Advisor and Estate Attorney?
Just as you would choose a qualified surgeon, choose qualified professionals for estate planning. An estate attorney ensures proper language in documents and stays current on legal changes. A fiduciary financial advisor helps you identify goals and concerns, developing a framework for a meaningful legacy. If you are in the process of choosing a financial planner, look for someone experienced in estate planning coordination.
Working with both ensures no loose ends remain and the legacy you leave is solid. Understanding why an estate plan is so important reinforces the urgency of this work.
