Creating an estate plan is one of the most important steps you can take to protect yourself and your loved ones. But just like you schedule annual medical checkups or regular financial reviews, your estate plan also needs periodic care. Life changes, laws evolve, and what worked five years ago may not work today.
Regular estate plan checkups help ensure your plan still reflects your wishes and will work the way you intend when your family needs it most.
Why Having an Estate Plan Matters
If you do not yet have an estate plan, consider it one of the most important items on your to-do list. Without one, your loved ones could face unnecessary stress and expense if something happens to you.
Imagine becoming ill or injured and unable to make your own decisions. Without legal documents in place—such as a healthcare directive or financial power of attorney—a court may have to appoint someone to manage your care and finances. That person might not be who you would have chosen.
If you pass away without an estate plan, your loved ones may be forced into a lengthy and expensive court process known as probate. State law—not you—will determine who receives your property. This “default estate plan” rarely aligns with your true wishes and offers no protection for your beneficiaries. A customized estate plan allows you to control how and when your loved ones receive their inheritance, protect those assets from potential creditors or divorces, and minimize taxes and fees.
Estate planning is not just for the wealthy. Anyone with a home, bank accounts, retirement funds, or dependents needs a plan. Even a modest estate benefits from documents that ensure your wishes are honored, and your family is cared for if you become incapacitated or pass away.
When to Review and Update Your Estate Plan
If you already have an estate plan, take a moment to check how old it is. When was the last time you reviewed or updated it? If it has been more than three to five years, or if you have experienced any major life changes, it’s time for a checkup.
Significant updates in federal and state laws may also affect how your plan functions. Even small adjustments can make a big difference in ensuring your plan remains legally sound and takes advantage of new opportunities. An estate planning attorney can help you review and refresh your documents to reflect current rules and best practices.
Life changes that may trigger an estate plan review include:
- Marriage, divorce, or remarriage
- The birth or adoption of a child or grandchild
- The death or incapacity of a beneficiary or executor
- A significant change in your financial situation, such as starting a business, selling property, or receiving an inheritance
- Moving to another state, where estate laws may differ
Your life and goals evolve over time, and your estate plan should evolve with them.
Key Estate Planning Tools to Revisit
When reviewing your estate plan, don’t stop at your will or trust. Several other legal tools work together to keep your plan effective and comprehensive.
Powers of Attorney
Your financial and medical powers of attorney authorize trusted individuals to make decisions for you if you cannot do so yourself. Review your choices regularly to ensure the people you’ve appointed are still willing, able, and the best fit for those roles.
Beneficiary Designations
Retirement accounts, life insurance policies, and annuities typically pass directly to the individuals named on your beneficiary designation forms, not through your will or trust. If your life circumstances have changed—through marriage, divorce, or the birth of a child—outdated beneficiary forms could result in money going to the wrong person.
Regularly reviewing these designations helps ensure that they align with your estate plan and, when appropriate, direct assets into your trust.
Digital Assets
In today’s world, much of your life exists online. Digital assets—like online financial accounts, cryptocurrency, business platforms, photos, and social media profiles—should also be included in your plan. Make sure your executor or trustee knows how to access and manage them according to your wishes.
Estate Planning Is an Ongoing Process
Your estate plan is not something to set and forget. It’s a living, breathing reflection of your life, values, and priorities. Reviewing it regularly—ideally every few years or after major life changes—ensures that it stays current, compliant, and effective.
Whether you need to update existing documents or create a plan from scratch, the peace of mind that comes from knowing your loved ones are protected is priceless. Working with an experienced estate planning attorney ensures that every piece of your plan—your will, trust, powers of attorney, and beneficiary designations—fits together seamlessly.
Schedule Your Estate Plan Checkup Today
If it has been years since you reviewed your estate plan—or if you do not yet have one—now is the perfect time to act. Life doesn’t stand still, and neither should your plan.
Contact us today to schedule a consultation and make sure your estate plan continues to protect you and the people you love for years to come.
