Reviewing your estate plan regularly helps ensure that your documents still reflect your family, finances, relationships, and wishes.

While creating an estate plan is an important accomplishment, estate planning is not necessarily a one-time event.
Life changes, and a plan you signed several years ago may no longer represent your circumstances or the legacy you want to leave.

Jessica Beck of Krueger Beck Kravitz PLLC recommends taking out your estate-planning documents and reviewing them approximately every three to five years. A review may be needed sooner when a major life event occurs.  Even plans intentionally written to last may need meaningful updates after six, seven or ten years.

Life changes that may call for a review

Consider reviewing your plan after:

• A marriage, divorce or new partnership
• The birth or adoption of a child or grandchild
• The death or serious illness of a beneficiary, executor or trustee
• A significant change in health
• The purchase or sale of a home
• A major increase or decrease in your assets
• Retirement
• The start or sale of a business
• A move to another state
• A change in your relationships or charitable priorities

The question is not only whether the legal documents remain valid.
The more important question is whether they still express what you want.

Are the right people still named?

Look at the people you selected to serve as:

• Executor or personal representative
• Trustee
• Financial power of attorney
• Healthcare power of attorney
• Guardian for minor children
• Primary and contingent beneficiaries

Are they still willing and able to take on those responsibilities?

Do they still have the judgment, availability and relationship with your family that the role requires?

Joel Petersen of Sound Legacy Wealth Advisors emphasizes the importance of discussing these responsibilities before they become necessary.  The person managing an estate can face a considerable amount of work.  Clear communication can reduce surprises, prevent resentment and help family members understand how decisions were made.

Review accounts outside your will

Some accounts may pass according to their beneficiary designations rather than through your will.

Review the beneficiaries listed on:

• Retirement accounts
• Life insurance policies
• Transfer-on-death accounts
• Payable-on-death accounts
• Other financial accounts with named beneficiaries

A will may express one intention while an outdated beneficiary designation produces an entirely different result.  Also check whether you have named contingent beneficiaries in case your first choice is unable to receive the account.

Has your charitable vision changed?

Your relationship with your community may evolve over time.

Perhaps you have discovered a new cause. Perhaps an organization you once supported has changed or closed.
Perhaps you are now more interested in addressing a broad community need than supporting one particular program.

An estate-plan review is also an opportunity to revisit the legacy you want to leave.

Consider asking:

• Which causes have mattered most throughout my life?
• Are the organizations I named still the right organizations?
• Would I prefer to support a broader purpose?
• Do I want my gift used immediately or distributed over time?
• Would a community foundation help protect my intentions as needs change?

Beck routinely considers what should happen if a named charitable organization no longer exists when the gift becomes available.  A flexible alternative or relationship with a community foundation can prevent a charitable intention from failing altogether.

Do your documents match where you live?

Estate-planning laws and probate procedures vary by state. Beck discusses this issue with clients who may relocate, including people who came to Kirkland for work. and may later move closer to family or retire elsewhere.

A properly prepared plan may remain valid after a move, but the type of plan that works best can depend on where you expect to live and own property.

Beck sometimes discusses a revocable living trust with clients who anticipate moving between states
because of how the trust may function across jurisdictions.

A move is a good reason to have a qualified attorney review your documents.

Make your plan a living reflection of your values

An estate plan should not be a forgotten folder.

It should reflect the people you love, the life you have built and the legacy you want to leave.

Choose a regular date to review your documents, beneficiary designations and charitable intentions.
An annual financial review, birthday or the beginning of a new year can all serve as helpful reminders.

You may discover that no changes are needed.
That confirmation still provides valuable peace of mind.

If any answer gives you pause, it may be time for a conversation with your attorney,
financial adviser or another qualified professional.

This article is provided for general educational purposes and is not legal, financial or tax advice.
Consult qualified professionals about your individual circumstances.