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How To Review an Estate Plan Every Year

An estate plan should evolve with your life circumstances and financial goals. Conducting an annual review ensures that your documents stay current and reflect your intentions. This checklist provides a structured approach to evaluating and updating your estate plan every year to address life changes, legal updates, and shifting priorities.

  • Has there been a marriage, divorce, birth, or death in your family?
  • Have any of your named beneficiaries’ circumstances changed (e.g., financial needs, legal status)?
  • Do you need to update guardian or trustee appointments for minor children?

  • Have your assets or liabilities significantly increased or decreased?
  • Are all your financial accounts and investments titled correctly and aligned with your estate plan?
  • Do you need to adjust distributions due to changes in your financial goals or the needs of beneficiaries?

  • Are the beneficiaries on your life insurance policies, retirement accounts, and other financial assets accurate?
  • Do you need to name contingent beneficiaries in case your primary beneficiary cannot inherit?
  • Are any named beneficiaries still minors, requiring trust arrangements?

  • Is your will up-to-date and reflective of your current wishes?
  • Are your power of attorney (financial and medical) and advance healthcare directives still valid?
  • Do you need to update any trusts, including revocable or irrevocable trusts?

  • Have you acquired or sold any major assets (e.g., real estate, vehicles, businesses)?
  • Are joint ownership arrangements still appropriate for your current situation?
  • Is your digital estate, such as online accounts and cryptocurrency, included in your plan?

  • Have there been changes in federal or state estate tax laws that could affect your plan?
  • Do you need to explore tax-saving strategies, such as charitable contributions or gifting?
  • Have you updated your estate plan to account for potential tax liabilities for your beneficiaries?

  • Are your named executor, trustee, and power of attorney still willing and able to serve?
  • Do you need to update contact information for your estate planning attorney, financial advisor, or other key professionals?
  • Have you reviewed any professionals’ credentials or expertise to ensure alignment with your goals?

  • Are all estate planning documents stored in a secure, accessible location?
  • Have you shared the location of these documents with trusted family members or advisors?
  • Do you have digital copies of important documents stored securely?

  • Have you updated provisions for long-term care, such as nursing home or home care preferences?
  • Do you need to adjust life insurance policies or health savings plans to cover potential needs?
  • Are medical directives and organ donation preferences clearly documented?

  • Does your estate plan still align with your current values and priorities?
  • Have you considered legacy planning, such as ethical wills or charitable giving?
  • Do you need to schedule a consultation with an estate planning professional to address concerns?

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