Estate Plan Annual Review Checklist

Estate Plans (that is, parents’ wills and trusts) are the foundation of a good Special Needs plan. Perhaps you prepared your documents decades ago, or have had significant changes since that should be incorporated. to see if it’s time for a redraft.

We recommend that you review your Estate Plan and Asset Inventory along with the following Checklist every year. If you check any of the boxes below, please contact us to discuss whether you
should update your plan.


Are the people who have key roles in your Estate Plan still available able to act on your behalf? Do these individualsshare your values and judgment, and do they have current knowledge of your life? Consider others who you may prefer – for example, perhaps you have children who are now grown up and are ready to take on these roles.

  • I need to update key people in my Estate Plan (Powers of Attorney, Guardian, Executor, Trustee).

As families change and grow, you may wish to adjust the gifts you’ve planned.

  • I have had children in the last year
  • I havemarried, divorced, partnered, retired, or become widowed. t
  • I am concerned about a beneficiary’s ability to manage an inheritance from me.
  • I have learned that my child has special needs or a disability
  • I have married a person who has children of his/her own (you are now in a “blended”
  • I wantto change my beneficiaries.
  • I believe my total assets may exceed 4 million dollars (including life insurance proceeds).

It is critical that beneficiary designations correctly designate either your heirs directly or your trust(s), depending on your plan strategy. Different distributionrules apply depending on the character of the asset (retirement account, real estate, non-qualified assets). Please confirm that your assets are appropriately directed according to your Estate Plan. This aspect of a person’s Estate Plan is probably the most frequently overlooked, and mistakes can cause an estate unnecessary expense and headache in probate court.

  • I have acquired new assets (new life insurance policies, retirement accounts, banking or other investment accounts) that are not listed in my Asset Inventory.
  • I would like assistance reviewingmy Asset Inventory to confirm that beneficiaries are properly designated.
  • I have changed jobs and need to confirm that beneficiaries are named at my new employer, and that former benefits are properly rolled over
  • I have moved and need to confirm that the deed reflects trust ownership (if applicable) or a transfer on death option.

If you have checked any of the boxeslisted above,we recommend that you contact our office to discuss whether changes to your Estate Plan are necessary.