Creating an estate plan is one of the most important steps you can take to protect yourself and your loved ones. But like your annual physical or a routine financial review, your estate plan needs regular estate plan checkups. Life moves quickly, and if your plan does not keep up, it may not work the way you intend when you need it most.
If You Do Not Have an Estate Plan Yet
If you have not created an estate plan, make it a priority. Without a plan, your family may face unnecessary stress and uncertainty if you become incapacitated or pass away.
If you cannot make decisions for yourself and have no legal documents in place, the court will likely need to appoint someone to manage your care and finances during your lifetime if you can’t do it yourself. This guardianship or conservatorship process is public, slow, and expensive—and the court may not choose the person you would want.
If you pass away without a plan, your loved ones may have to go through probate. State law—not you—decides who receives your money and property. Even when the default rules match your wishes, inheritances are distributed with no protections for beneficiaries. Planning ahead allows you to shape how and when your loved ones receive their inheritance and add safeguards for potential mismanagement, creditors, or future divorces.
Estate planning is not reserved for the wealthy. Anyone with minor children, a home, retirement accounts, digital assets, or loved ones who depend on them can benefit from working with an estate planning attorney in your local area to create a thoughtful plan. In fact, scheduling estate plan checkups regularly can help you stay proactive.
How Old Is Your Estate Plan?
If you already have a plan, check the date it was signed. Estate planning documents older than three to five years should be reviewed, as laws and family circumstances change often. Even a plan created last year may no longer reflect your goals.
Consider whether any of the following have happened since your plan was created:
- Marriage, divorce, or remarriage
- Birth or adoption of children or grandchildren
- A change in financial circumstances—new business, retirement, major investments, or inheritance
- Buying or selling real estate
- Moving to a new state
- Death or incapacity of a beneficiary or trusted decision-maker
An outdated plan may overlook important opportunities, conflict with new laws, or fail to protect the people you care about most. Therefore, estate plan checkups are essential to identify these gaps.
Review More Than Your Will or Trust
An effective estate plan includes more than instructions for what happens after you die. Make sure to review the tools that protect you during your lifetime, including:
- Financial power of attorney
- Medical power of attorney
- Advance healthcare directive
- HIPAA authorization/release
- Declaration of Disposition of Last Remains
These documents ensure that the right people can make decisions for you if you become incapacitated or guide end-of-life decision making. Review your selections regularly to confirm they are still willing, able, and the best fit for the role.
Also review your beneficiary designations on retirement accounts, life insurance, and annuities. These designations override your will or trust. A life change such as divorce, remarriage, or the birth of a child can easily result in assets going to the wrong person if forms are not updated. An estate planning attorney can help make sure these designations align with your overall plan.
Finally, do not forget your digital assets—online photos, financial accounts, cryptocurrency, websites, and social media profiles. Without clear instructions, your loved ones may lose access to valuable or sentimental digital property.
Estate Planning Is an Ongoing Process
Life never stays the same, and your estate plan should evolve with it. Treat it as a living roadmap that needs regular tune-ups—not a single task to check off. Indeed, estate plan checkups can help you keep everything up to date.
If you recently experienced a major life change or have not reviewed your estate plan in years, now is the right time. And if you have not created a plan yet, we can help you build one that grows with you and protects the people you love.
Contact us today to schedule a review or to begin creating a plan that gives you lasting peace of mind.
