Creating an estate plan is a huge accomplishment. However, your work is not done when the
documents have been signed. You must still ensure that the chosen strategy gives you peace of
mind and protects the legacy you have worked so hard to build.

An estate plan is not static; it is a living tool that should evolve with the changes in your life.
Over time, your family circumstances, financial picture, and estate planning goals will likely shift.

Whether through new births or children getting older; career or business developments; or
changes to your investments, health, or where you live, countless factors can affect your
evolving estate planning goals. External factors, such as new tax legislation or emerging
financial instruments, could also throw your plan off track or open the door to new planning
opportunities.

You do not need to spend countless hours worrying about your estate plan. Just ask yourself
these nine simple questions to stress test your plan and determine whether it is time for an
update.

When did you last update your will or living trust? In most cases, reviewing an estate plan every three to five years is sufficient, but if a major life change happens sooner, it is a good idea to take another look immediately. The more time that has passed, the more likely there have also been changes in the law that could affect how your plan works.
Whom have you named as executor and trustee? Are the people you chose to wind down
your affairs still the right fit? Sometimes people choose a loved one out of obligation, even if that person may not be the best at managing money or handling difficult situations. Ask yourself: Is the person I chose still willing and able to handle this responsibility? Am I confident that they understand my values and will act in a way that reflects my wishes?
Do you have adequate life insurance? Life insurance is an effective way to provide for yourself (depending on the type of policy) and your loved ones after your death. But instead of just purchasing any policy, it is important to ensure that you have the right kind of insurance (for example, term, whole, or universal) and the right amount of coverage for your needs. For each of your policies, regularly review and update your beneficiary designations. Each policy should name both a primary beneficiary who is first in line to receive the proceeds when you pass and a contingent (backup) beneficiary, in case the primary beneficiary cannot inherit the proceeds. If you have a trust-based estate plan, your attorney may have recommended naming your trust as a primary or contingent beneficiary. This strategy allows the proceeds to flow directly into your trust, which can be managed and distributed according to your wishes. Regularly reviewing your beneficiary designations ensures that your life insurance policies will pass smoothly and according to your wishes, protecting your loved ones from delays, confusion, or unintended outcomes.
Which of your accounts or pieces of real property are jointly owned with someone other than your spouse? Jointly owned property can sometimes cause unexpected tax issues. Look at your real property records and seek advice from a professional to ensure your accounts and property are titled in the most tax-efficient way while still carrying out your planning objectives.
How is your recordkeeping? Good recordkeeping will make your loved ones’ job much easier if they need to step in for you while you are alive but unable to manage your own health or finances, or when the time comes to wind down your affairs after your death. Do you have an up-to-date list of all your bank and investment accounts, employee benefits, retirement plans, online passwords, and key legal documents in one safe place? If not, now is a good time to create one. Having this information organized, accessible, and secure helps ensure that your loved ones can step in smoothly without unnecessary stress or delay.
Has your health or the health of a loved one changed? If you or someone close to you has been diagnosed with a serious illness, it is important to review your estate plan to ensure that it reflects your current circumstances. You may want to update your healthcare and financial powers of attorney to ensure that your decisions will be managed by someone you trust who understands your wishes. You may also consider revisiting your living will, trust provisions, or long-term care planning to ensure your plan provides the right protection and support for yourself and your family.
Have you experienced a major financial change? Your estate plan should always reflect your current financial picture. If you have received an inheritance, come into a large sum of money, sold or purchased significant assets, or made new investments, reviewing and updating your estate plan is important. Such changes can affect tax exposure, distribution goals, and even beneficiary designations. Keeping your plan aligned with your financial reality ensures that your wealth is protected and passes according to your intentions.
Do you have a plan for your digital life? In today’s world, so much of our personal and financial life exists online, yet many overlook these assets in their estate plans. Digital assets include cryptocurrency, online accounts, social media profiles, email, cloud storage, and even monetized platforms or websites. A thoughtful plan should identify these assets, authorize who can access them, and provide clear instructions on managing or transferring them. Without proper planning, valuable or sentimental digital property can be lost, locked, or mishandled. Including your digital life in your estate plan ensures that your online presence and assets are protected and passed on according to your wishes.
When did you last give your plan a thorough once-over? Even if nothing major has happened, we recommend having your plan reviewed by an experienced estate planning attorney every three to five years. This precaution can help you catch small issues before they become big problems. If any of these questions made you pause, it might be time to review your plan. We are here to help you get the peace of mind that comes from knowing that you and your loved ones are protected. Please call us to schedule an appointment to review your estate plan.