Estate Plan Review Checklist: Has Life Changed?

Key Takeaways

• Life changes such as marriage, divorce, a new child, or a death in the family may make an estate planning review worth considering.
• Financial or property changes, including buying or selling real estate, significant financial changes, or business changes, may also affect whether your existing plan still protects you and your loved ones.
• Health changes, long-term care concerns, or changes involving the person named to manage your affairs may be reasons to review your plan.
• If you checked even one box, it may be worth scheduling a review; not every life change requires a new document.

Has Life Changed? Your Estate Plan Should Too

Life doesn’t stand still, and your estate plan shouldn’t either. Marriage, children, a new home, a growing business, or changing health concerns can all affect whether your existing plan still protects you and your loved ones.

Use this checklist to see whether it’s time to schedule an estate planning review.

Have You Experienced Any of These Life Changes?

• Family and Relationships
• You got married or entered a new long-term partnership.
• You got divorced or separated.
• You welcomed a child or adopted.
• Your children grew up, married, or had children of their own.
• You experienced a death in the family.
• Your relationships changed, and you want to add or remove someone as a beneficiary or decision-maker.
• You have a blended family or want to provide for a loved one with special needs.

Financial and Property Changes

• You bought or sold a home or other real estate.
• Your finances increased, or changed significantly.
• You started, purchased, or sold a business.
• You received an inheritance or expect to receive one.
• You acquired assets in another state.

Health and Aging

• You received a significant diagnosis or experienced a major health change.
• You are concerned about future long-term care costs.
• The person you named to manage your affairs can no longer serve or is no longer your preferred choice.

Your Existing Estate Plan

• You created your estate plan several years ago and haven’t reviewed it within the last 3-5 years.
• You don’t know whether your trust is properly funded or your assets are titled correctly.
• You want to change who inherits your assets, when they inherit, or how their inheritance is managed.
• You want to provide for grandchildren, support a charity, or establish a lasting family legacy.
• You have moved to another state.

What Should You Do Next?

If you checked even one box, it may be worth scheduling a review. Not every life change requires a new document, but even a small change can have important implications for your estate plan.  And if you don’t have an estate plan yet, there’s no need to wait for a major life event to get started.

Let’s Make Sure Your Plan Still Fits Your Life.

Your estate plan should reflect the life you have today – not the life you had when you first signed your documents.

Frequently Asked Questions

When may it be worth scheduling an estate planning review?

If you checked even one box on this checklist, it may be worth scheduling a review. Not every life change requires a new document, but even a small change can have important implications for your estate plan.

What family or relationship changes are included in the checklist?

The checklist includes marriage or a new long-term partnership, divorce or separation, welcoming or adopting a child, changes involving children and grandchildren, a death in the family, and relationship changes affecting beneficiaries or decision-makers. It also includes having a blended family or wanting to provide for a loved one with special needs.

What financial or property changes are included?

The checklist includes buying or selling a home or other real estate, significant financial changes, starting, purchasing, or selling a business, receiving or expecting an inheritance, and acquiring assets in another state. These are among the changes identified for considering an estate planning review.

What should I consider about an existing estate plan?

The checklist asks whether you created your estate plan several years ago and haven’t reviewed it within the last 3-5 years. It also asks about trust funding, asset titling, changes to inheritance wishes, providing for grandchildren or charity, establishing a lasting family legacy, and moving to another state.

What if I do not have an estate plan yet?

If you don’t have an estate plan yet, there’s no need to wait for a major life event to get started. The article encourages considering your plan in light of the life you have today.

This article provides general educational and informational content and does not constitute legal advice. Consult an appropriately qualified attorney regarding your individual circumstances.

If you have any further questions about estate planning and strategies to shield your wealth, or if you’d like to have your current asset protection plan reviewed to make sure it still meets your needs, please contact us at one of our offices located throughout the state of California 800-244-8814 to set up a consultation.