Estate planning is not a one-time task—it’s an ongoing process. Your life, financial situation, and the laws that govern estate planning can all change over time. That’s why reviewing your estate plan regularly is essential. If you already have an estate plan, consider this your reminder to check in and ensure everything is still in order. If you don’t have a plan yet, these five factors highlight why you should put one in place as soon as possible.

1. Are Your Beneficiaries Up to Date?

One of the most common mistakes people make is failing to update their beneficiary designations. Life happens—people get married, divorced, have children, or lose loved ones. If your estate plan doesn’t reflect these changes, your assets may not go where you intend.

For example, if your 401(k) still lists an ex-spouse as the primary beneficiary, they could legally inherit that money—even if your will says otherwise. Similarly, if you had a child after creating your will but never updated it, that child might not receive their fair share of your estate.

👉 What to do:

• Review all your beneficiary designations, including those on retirement accounts, life insurance policies, and payable-on-death (POD) bank accounts.
• Ensure your will or trust aligns with these beneficiary designations to avoid conflicts.

2. Do You Have the Right People in Charge?

Your estate plan likely names several key individuals to handle responsibilities on your behalf, such as:

• Executor: The person responsible for settling your estate after you pass away.
• Trustee: If you have a trust, this person manages assets according to your instructions.
• Power of Attorney: The individual who can make financial or legal decisions for you if you become incapacitated.
• Healthcare Proxy (or Medical Power of Attorney): The person who makes medical decisions for you if you’re unable to do so.

These roles require responsible, trustworthy people who understand your wishes and can handle financial or legal matters appropriately. Over time, relationships change, and people who were once a good fit may no longer be the best choice.

For example, if you originally named a sibling as your power of attorney but they’ve since moved out of state, they might not be available in an emergency. Or, if your executor is now elderly, they may no longer be able to handle the responsibilities.

👉 What to do:

• Reevaluate the people named in your estate plan every few years.
• Consider backups in case your first choice cannot serve.
• Discuss these responsibilities with those you plan to name so they understand what’s expected of them.

3. Does Your Plan Reflect Current Laws and Tax Rules?

Estate tax laws and inheritance rules change over time. An outdated estate plan may leave your loved ones facing unexpected tax burdens or legal complications. Even if your estate is not large enough to be affected by federal estate taxes, state laws can vary, and certain changes in financial regulations may impact your planning.

For example, the federal estate tax exemption has changed significantly over the years. If your plan was designed with older tax thresholds in mind, it might not take advantage of current exemptions. Additionally, laws surrounding trusts and retirement accounts have evolved—such as the SECURE Act, which changed how inherited IRAs are distributed.

👉 What to do:

• If it has been more than five years since your last review, consult an estate planning attorney to ensure your plan aligns with current laws.
• Consider whether any recent changes in tax law could affect your strategy, especially regarding trusts, capital gains, and retirement accounts.

4. Do You Have a Plan for Incapacity?

Estate planning isn’t just about what happens after you pass away—it’s also about protecting you while you’re alive. If you become incapacitated due to an illness or accident, having the right legal documents in place ensures that someone you trust can make medical and financial decisions for you.

Without a durable financial power of attorney, your family may have to go through a lengthy court process to gain control over your finances if you’re unable to manage them yourself. Without a healthcare directive (also called a living will or medical power of attorney), doctors may not know your wishes for medical treatment, and your loved ones could face difficult decisions without guidance.

Consider what happened during the COVID-19 pandemic—many people were suddenly hospitalized and unable to communicate their medical wishes. Those without proper healthcare directives left their families scrambling to make medical decisions under stress.

👉 What to do:

• Ensure you have a durable financial power of attorney and healthcare directive in place.
• Discuss your wishes with your family so they understand your preferences for medical care and end-of-life decisions.
• Store these documents in an accessible place and provide copies to the relevant people.

5. Does Your Estate Plan Align with Your Current Assets?

Your financial situation is likely to change over time. Whether you’ve bought a new home, started a business, inherited wealth, or made investments, your estate plan should reflect these updates.

For example, if you created your will when you only had a few bank accounts and a car, but now you own multiple properties, your current estate plan may not fully address how those assets should be handled. Similarly, if you recently started a business, you should ensure there is a succession plan in place.

If you don’t properly align your estate plan with your assets, your family may face probate court battles, unexpected taxes, or confusion about how to distribute your estate.

👉 What to do:

• Review your asset list (real estate, business interests, retirement accounts, investment portfolios, and personal property).
• Ensure your will or trust covers all major assets.
• If you own property in multiple states, consider whether a trust might help avoid multi-state probate.

Don’t Have an Estate Plan Yet? Now Is the Time.

If you haven’t created an estate plan, these five points highlight why you need one. Without a plan:

• The state will determine who inherits your assets (which may not align with your wishes).
• A judge will decide who makes financial and medical decisions for you if you become incapacitated.
• Your loved ones may face unnecessary legal expenses, delays, and stress during an already difficult time.

At Kinney Law Office, we believe that everyone deserves an estate plan that works the way they want, when their family needs it. To help make estate planning accessible, we offer a free will as a gift to get you started. Claim your free will here.

Get a Free 15-Minute Estate Planning Consultation

If you have questions about your existing estate plan or need to create one, we’re here to help. Schedule a free 15-minute consultation with Kinney Law Office today. In just a short conversation, we can discuss your situation, answer your questions, and help you take the next steps toward securing your legacy.

📅 Book your free consultation now: Click here to schedule your free consultation

Don’t wait until it’s too late—take control of your estate planning today.

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