How Often Should You Update Your Estate Plan? A Practical Annual Checklist
One of the most common questions people ask about estate planning is whether it’s something you “do once and forget.” The short answer is no — but it also doesn’t mean you need to overhaul your documents every year.
Think of your estate plan as a living framework. It’s meant to support your life as it changes, not sit untouched in a drawer. Unlike reviews prompted by major life events or end-of-year checklists, an annual estate plan review is about maintenance — making sure your plan still works as intended even when life feels relatively stable.
Here’s a practical way to think about when — and how — to review your estate plan.
At a Minimum: Review It Once a Year
Even if nothing major has changed, a quick annual review is a smart habit. This doesn’t need to be complicated. It can be as simple as pulling out your documents and asking a few basic questions:
- Does this still reflect what I want?
- Are the people I named still the right choices?
- Have I added or sold any significant assets?
Many problems in estate administration come from plans that were perfectly fine when they were signed — but quietly became outdated over time.
Always Review After Major Life Events
Some changes should trigger an immediate review, regardless of how recently your plan was updated. These include:
- Marriage or divorce
- Birth or adoption of a child or grandchild
- A death in the family
- A significant change in health
- Moving or purchasing property
- Starting or selling a business
These moments often affect who you want involved in your plan, how assets should be handled, or who should make decisions if you can’t.
Your Annual Estate Plan Checklist
Use this checklist as a guide during your yearly review:
1. Beneficiaries
Confirm that beneficiaries on your will, trust, retirement accounts, and insurance policies are current and consistent. Beneficiary designations can override your will, so it’s important they align with your overall plan.
This includes reviewing:
- Retirement accounts
- Life insurance policies
- Pay-on-death (POD) and transfer-on-death (TOD) designations, where applicable
2. Fiduciaries
Review who you’ve named as executor, trustee, and agents under your powers of attorney. Are they still willing, able, and appropriate for the role? If your relationships or circumstances have changed, your plan should reflect that.
3. Assets
Have you acquired new accounts, real estate, or investments? If you have a trust, make sure any real estate and other assets are properly titled or transferred into it. Unfunded or partially funded trusts are a common — and avoidable — issue.
4. Health Care Decisions
Revisit your advance health care directive to ensure it still reflects your wishes and that your chosen decision-maker understands your values.
5. Guardianship Choices
If you have minor children, review your guardian nominations. People’s availability, health, and circumstances can change more than we expect.
6. Communication
Make sure someone you trust knows where your documents are stored and how to access them if needed. An updated plan is only helpful if it can be found.
What You Don’t Need to Do Every Year
Not every review leads to changes. If your plan still fits your life, that’s a good thing. The goal isn’t constant revision — it’s confidence that your documents still work the way you intend.
A Simple Habit That Pays Off
Estate planning isn’t about predicting every future possibility. It’s about staying organized, informed, and prepared as life unfolds. An annual review helps keep your plan aligned with your priorities and reduces the likelihood of issues later on.
If you’d like help reviewing your estate plan or aren’t sure whether updates are needed, reach out to Estate Planning Law Office of Jonathon L. Petty, Inc. A brief conversation can often provide clarity and peace of mind. Call us at 559-374-2223 or through our website contact form to schedule a time to talk.
