It’s That Time: Annual Review of Your Estate Plan

You hired an attorney, you went through all the discussions and decisions, and you obtained an Estate Plan… now what? Did you know that Estate Planning is not a once in a lifetime event. Perhaps you bought a new house, had more children or grandchildren, opened new accounts, or are no longer on good terms with your trustees, children, or beneficiaries. Your Estate Plan does not automatically change with you. That does not mean your Estate Plan has to be amended every year, but it does mean you should review it. Typically, clients ask me how often should I amend my Estate Plan? I expect every 5-7 years on average, but it all depends on your circumstances.

As the new year begins, now is the is the perfect time to review! Or if you haven’t prepared your estate plan yet, it is the perfect time to kick yourself into gear.

Here is a quick list of questions to ask yourself:

1. Were you able to find your Estate Planning documents? Are they easily accessible to you and your loved ones? Do your loved ones know where they are?

2. Is the person listed as a Trustee, Personal Representative/ Executor, Agent for Power of Attorney, or Agent for Health Care Directive, currently able to manage you or your estate if you were incapacitated or deceased? Did you name a backup? Do you still want them to act on your behalf?

3. Is the person listed as guardian for your minor child(ren) able to take over if something were to happen to you tomorrow? Did you name a backup? Has your relationship with them changed?

4. Are the distributions of your Estate Plan still appropriate based upon the age, maturity, and current situation of your beneficiaries?

5. Has anything changed with respect to your children since your documents were prepared: have they gotten married or divorced (do they have legal or creditor problems)? Do you now have grandchildren who are not provided for in your estate plan?

6. Have any of your named beneficiaries passed away? Are backup beneficiaries named? Do the named beneficiaries reflect your current wishes?

7. Have you acquired new property (real estate), bank or investment accounts, or other valuable property since your trust was signed? Did you receive an inheritance? Is the “title” of such property is in your trust?

8. Are all your accounts and property titled into the name of the trust, or has the trust been named as a beneficiary of those accounts or property?

9. Are the beneficiaries on your retirement accounts and life insurance policies up to date? Do they need to be changed as your children have grown? Are they consistent with your trust?

10. Last, but not least, do you have an Estate Plan?

If you go through this checklist and see any places where items in your trust need to be updated, or you have some questions about your current plan, contact us to discuss your options going forward. If this reminds you that you need to get your Estate Planning in order, then let us get that process started! Consider it your 2026 New Year’s resolution! Feel free to give us a call to set up a consultation.