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How To Review an Estate Plan Every 5 Years

Every five years, a comprehensive review of your estate plan is essential to ensure it aligns with your life changes, financial circumstances, and current laws. This checklist provides a detailed guide to evaluating your plan and identifying areas that may need updates or adjustments, ensuring your legacy is secure and your wishes are honored.

  • Have there been major life events such as marriages, divorces, births, or deaths?
  • Are guardianships for minor children or dependents still appropriate?
  • Have family dynamics shifted, requiring changes in beneficiaries or trustees?

  • Have there been significant changes in your net worth, including acquiring or selling major assets?
  • Do your existing distributions align with current financial goals?
  • Are your retirement accounts and other investments still correctly titled and integrated into your estate plan?

  • Are the primary and contingent beneficiaries on insurance policies, retirement accounts, and other assets still accurate?
  • Have you accounted for beneficiaries who may now be adults or have changing financial needs?
  • Are there provisions for special needs beneficiaries, if applicable?

  • Is your will reflective of your current wishes?
  • Are your living will, healthcare proxy, and financial power of attorney still valid and appropriate?
  • Have any trusts been reviewed for relevance, funding, and effectiveness?

  • Have there been changes to estate or inheritance tax laws that impact your plan?
  • Should you explore strategies such as gifting, charitable donations, or tax-efficient transfers?
  • Is your estate plan structured to minimize tax burdens for your heirs?

  • Have you bought or sold real estate, vehicles, or business interests that require updates?
  • Are joint ownership arrangements still appropriate or necessary?
  • Are digital assets, such as cryptocurrencies or online accounts, properly included in your plan?

  • Are your named executor, trustee, and power of attorney still the best choices for these roles?
  • Have you updated contact information for key individuals and professionals involved in your estate plan?
  • Have any designated individuals expressed changes in their willingness or ability to serve?

  • Are your long-term care plans, such as nursing home or assisted living preferences, still relevant?
  • Do your life insurance policies or healthcare savings plans adequately cover future care needs?
  • Have you documented any new medical conditions or care preferences?

  • Are your estate planning documents stored securely but accessible to trusted individuals?
  • Have you reviewed whether digital copies of important documents are stored in a secure online location?
  • Are your family or advisors aware of how to access your estate documents in an emergency?

  • Have your values, priorities, or legacy goals changed since the last review?
  • Do you want to include ethical wills or provisions for charitable giving in your plan?
  • Are there new ways to enhance your plan’s effectiveness or impact?

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The average estate takes 570 hours to administer.

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