You Have a Will—But Is Your Estate Plan Actually Up to Date?
Creating an estate plan is not a one-and-done task. Life changes—and your estate plan should change with it.
Many people believe that once they have a will or trust in place, their estate planning is finished. But an estate plan is only effective when it continues to reflect your current family, finances, property and wishes. If it has been several years since you reviewed your documents, a fall estate-planning checkup may be a smart step.
1. Review Your Will or Trust
Start with the foundation of your estate plan. Does your will or trust still reflect how you want your assets distributed? Have there been changes in your family, relationships or financial circumstances? A marriage, divorce, birth, death or significant change in assets may be a reason to revisit your plan.
2. Check Your Financial Power of Attorney
A financial power of attorney allows someone you trust to handle financial matters on your behalf if you are unable to do so. Make sure the person you named is still the right choice and that the document reflects your current wishes.
3. Review Your Healthcare Documents
Your healthcare power of attorney and advance directives are important parts of an overall estate plan. Review who you have designated to make healthcare decisions for you and make sure your documents still communicate your wishes.
4. Check Beneficiary Designations
Beneficiary designations on retirement accounts, life insurance policies and certain financial accounts can play an important role in how assets are transferred. These designations should be reviewed periodically and coordinated with your overall estate plan. Simply changing a beneficiary without considering the rest of your plan may create unintended results.
5. Consider Your Children and Other Family Members
If your family has grown or changed, your estate plan may need to change with it. Parents of minor children should review guardianship provisions, while families with adult children may want to consider whether their current plan still makes sense for their circumstances.
6. Review Your Home, Business and Other Major Assets
Have you purchased or sold real estate? Started or sold a business? Acquired significant investments or other assets? Changes in ownership can affect how an estate plan works. Your attorney can help determine whether your documents and asset ownership are working together as intended.
7. Don't Forget Digital Assets
Today, estate planning can extend beyond traditional property. Digital accounts, online financial information, photographs and other digital assets may also need to be considered. Think about what information your loved ones may need and how your estate plan addresses these assets.
When Should You Review Your Estate Plan?
There is no single schedule that applies to everyone, but it is a good idea to review your estate plan periodically and whenever you experience a major life change. Even if nothing significant has changed, a review can help confirm that your documents still work together and reflect your current wishes.
An estate plan is designed to provide clarity and help protect the people and assets that matter most to you. Taking time to review it now can help you avoid surprises later.
When was the last time you had your estate plan reviewed?
If it has been several years since your last review—or if your family, finances or assets have changed—Wyatt Law, PA can help you determine whether your estate plan needs to be updated.