Checklist: 10 Steps To Review an Estate Plan Every Year
An estate plan should evolve with life circumstances and financial goals. We recommend reviewing your estate plan annually on April 16, the day after Tax Day, when financial and legal matters are already top of mind. This structured checklist helps ensure your documents remain current and aligned with your intentions as your life, finances, and the law change.
How to Review an Estate Plan Every Year
An estate plan should evolve with life circumstances and financial goals. We recommend reviewing your estate plan annually on April 16, the day after Tax Day, when financial and legal matters are already top of mind. This checklist ensures your documents remain current and aligned with your intentions as your life, finances, and laws change.
Reviewing Personal and Financial Changes
Life changes can impact your estate plan, so regular updates ensure your wishes remain accurate.
- Update your plan if there has been a marriage, divorce, birth, or death in the family.
- Review any changes in beneficiaries’ financial needs or legal status, and update guardians or trustees for minor children or dependents if necessary.
- Review significant changes in assets, liabilities, or financial goals to ensure they align with your estate plan.
- Confirm that financial accounts, investments, and property are correctly titled, and adjust distributions if necessary.
Verifying Key Beneficiary & Legal Information
Ensuring your beneficiaries and legal documents are up to date can prevent complications in estate distribution.
- Confirm that the beneficiaries on life insurance policies, retirement accounts, and other financial assets are accurate.
- Add contingent beneficiaries in case a primary beneficiary cannot inherit, and ensure any minor beneficiaries have appropriate trust arrangements.
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- Ensure your will reflects your current wishes and meets legal requirements.
- Verify that financial and medical powers of attorney are still valid and aligned with your needs, and update any trusts (revocable, irrevocable, special needs, charitable) as necessary.
Managing Property and Key Contacts
Properly titled assets and up-to-date key contacts help avoid disputes and administrative challenges.
- Verify that real estate, vehicles, and other major assets are correctly titled.
- Ensure that joint ownership arrangements and transfer-on-death designations are accurate and that newly acquired or sold property is properly accounted for.
- Ensure that your executor, trustee, and powers of attorney are still the right choices.
- Provide updated contact information for financial advisors, attorneys, and key professionals, and discuss roles and responsibilities with those appointed.
Ensuring Access to Your Estate Plan
An estate plan is only effective if key people can locate and execute it when needed.
- Store estate planning documents in a secure yet accessible location and ensure trusted family members or advisors know where to find them.
- Consider keeping digital backups or using a secure document storage service for added accessibility.
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Planning for Healthcare & Long-Term Care
Your estate plan should include preparations for future healthcare needs and potential long-term care expenses.
- Review your long-term care preferences, including home care, assisted living, or nursing home options.
- If you have long-term care insurance, ensure your policy meets your needs.
- Adjust life insurance policies and health savings plans to align with future care costs.
Aligning Your Estate Plan with Your Legacy Goals
Your estate plan should reflect your values, long-term intentions, and charitable giving goals.
- Ensure your estate plan aligns with your values, legacy goals, and charitable giving intentions.
- Reevaluate family inheritances, special provisions, or philanthropic contributions, and adjust them as needed.
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- Schedule a conversation with your estate planning attorney or financial advisor to review any major updates. They can help ensure that your estate, tax, and financial strategies remain effective and compliant with current laws.
