Annual Estate Plan Review: Why It Matters and What to Check

An estate plan is not a one-time task; it’s a living, evolving document that should grow and adapt with you. At The Real Estate Law Firm, we believe that an annual estate plan review is one of the most important actions you can take to ensure your legacy is protected and your intentions are fulfilled. Life changes, and so should your estate plan.

Why an Annual Estate Plan Review Matters

1. Life Is Constantly Changing

In a single year, a lot can happen—marriages, divorces, births, deaths, property acquisitions, or significant financial changes. Any of these events can render your existing estate plan outdated or even legally problematic. Reviewing your estate plan annually ensures that it accurately reflects your current life circumstances and wishes.

2. Tax Laws Evolve

Estate and tax laws are subject to frequent changes at both state and federal levels. What was a tax-efficient strategy one year may become obsolete or disadvantageous the next. At The Real Estate Law Firm, we monitor legal developments so we can advise clients during their annual reviews and help them adjust accordingly.

3. Protecting Your Heirs

If your beneficiaries have changed—for example, if you’ve had a new child or a relationship has shifted—you’ll want to ensure the right people receive your assets. Regular reviews help prevent disputes and confusion among your heirs after you're gone.

4. Ensuring Executor and Trustee Relevance

The person you designated as executor or trustee five or ten years ago may no longer be the best choice due to age, health, or relationship changes. An annual check ensures you’re still comfortable with who will carry out your estate plan.

5. Business and Real Estate Considerations

If you own real estate or a business, regular reviews are even more critical. Properties may increase in value, or you may acquire or sell assets. The Real Estate Law Firm specializes in aligning your estate planning strategy with your real estate holdings, ensuring they are properly titled and planned for.

What to Check During Your Annual Estate Plan Review

When reviewing your estate plan, it’s essential to approach it holistically. Here’s a comprehensive checklist of what to evaluate:

1. Review of Your Will and Trusts

• Are the listed beneficiaries still accurate?

• Have you acquired or sold any significant assets that need to be added or removed?

• Do your trusts reflect your current wishes regarding asset distribution?

  
  

2. Asset Inventory and Titling

• Has your financial situation changed significantly?

• Are all your assets (real estate, bank accounts, stocks) appropriately titled?

• Have you acquired new property that needs to be incorporated into your plan?

  
  

At The Real Estate Law Firm, we assist clients in ensuring all properties are appropriately titled to avoid probate delays.

3. Review Beneficiary Designations

• Check your retirement accounts, life insurance policies, and payable-on-death (POD) accounts.

• Confirm that designations align with your estate plan—often these designations override your will.

  
  

4. Evaluate Your Powers of Attorney and Healthcare Directives

• Are your agents still appropriate choices?

• Do your health care wishes remain the same?

• Do your agents have access to updated documents?

  
  

5. Review Guardianship Designations

If you have minor children, it’s critical to re-evaluate the guardians named in your will. Are they still willing and capable? Has your family dynamic changed?

6. Trust Administration and Funding

If you’ve created a trust, it must be properly funded. That means transferring ownership of assets to the trust. If you’ve acquired new property and failed to fund the trust accordingly, your estate may still be subject to probate.

At The Real Estate Law Firm, we assist clients in the trust funding process to ensure all assets are protected.

7. Digital Assets and Online Accounts

In today's world, digital assets (social media, online banking, crypto, digital photos) should be included in your estate plan. Make sure your estate plan includes access and instructions for these assets.

8. Review of Business Succession Plans

If you own a business, check that your succession plans are still relevant. Are your partners or successors still active? Are buy-sell agreements up to date?

The Real Estate Law Firm helps business owners coordinate estate planning with their succession strategies.

9. Charitable Giving Goals

If you’re interested in philanthropic giving, consider whether your plan reflects your charitable goals. You may want to establish or modify a charitable trust or donor-advised fund.

10. Legal and Financial Advisor Updates

Ensure your estate planning team is still active and informed of any changes. Update your contact with legal, financial, and tax advisors. Keeping The Real Estate Law Firm involved ensures your plan benefits from expert legal oversight.

Why Partner with The Real Estate Law Firm

At The Real Estate Law Firm, we specialize in estate planning with a focus on real estate and asset protection. Our attorneys offer personalized annual reviews to ensure that:

• Your estate plan complies with current laws.

• Your real estate holdings are optimally structured.

• Your wishes are legally protected and clear to your heirs.

  
  

Whether you need a simple update or a full overhaul, our team is here to help you navigate the complexities of estate planning with confidence and clarity.

FAQs

1. How often should I review my estate plan? 

We recommend an annual review, especially if you’ve experienced major life or financial changes.

2. What happens if I don’t update my estate plan? 

Outdated estate plans can result in legal disputes, assets going to unintended beneficiaries, or increased taxes and fees.

3. Can The Real Estate Law Firm help me with digital asset planning? 

Yes, we include digital asset considerations in our comprehensive estate planning reviews.

4. I bought a new property—should I update my estate plan? 

Absolutely. New real estate acquisitions should be integrated into your plan to ensure proper titling and avoid probate.

5. Is a trust better than a will? 

It depends on your situation. Trusts can offer more privacy and help avoid probate, but both have their uses. We help determine the best strategy for your goals.

6. Can I change my executor or trustee at any time? 

Yes, and you should if your current choice is no longer suitable. We can update your documents easily.

7. Are estate planning laws different by state? 

Yes, and state-specific nuances matter. The Real Estate Law Firm ensures your plan is compliant with your state’s laws.

8. What documents should I bring to my annual review? 

Bring your will, trust documents, asset list, deeds, recent financial statements, and insurance policies.

9. How long does an annual review take? 

Most reviews can be completed in one session, though updates may take longer depending on complexity.

10. What if I already have an estate plan from another law firm? 

No problem! We offer estate plan audits and can work from existing documents to update or enhance your plan.