Annual Estate Planning Maintenance Checklist

Creating an estate plan is an important first step, but keeping it up to date is just as important. Families change, assets change, and life circumstances change. An annual review can help ensure the plan still reflects current instructions.

Think of it as annual maintenance for an estate plan.

1. Review Your Family

Ask whether there have been any changes, such as:

• Marriage or divorce

• Birth or adoption

• Death in the family

• New grandchildren

• Changes involving beneficiaries

2. Review Your Will or Trust

Make sure the people named in your documents are still the right people to serve as:

• Personal representative or executor

• Trustee

• Successor trustee

• Guardian for minor children

• Beneficiaries

3. Review Beneficiary Designations

Check beneficiary designations on:

• Life insurance

• Retirement accounts

• Bank and investment accounts

• Payable-on-death or transfer-on-death assets

These designations should be made dilibrately and thoughtfully and coordinate with the overall estate plan.

4. Review Your Assets

Consider whether you have purchased, sold, or inherited significant assets. Review:

• Real estate

• Investments

• Business interests

• Retirement accounts

• Life insurance

• Valuable personal property

• Digital assets

If you have a living trust, confirm that assets that should be held in the trust are properly titled. This is essential as a trust can only protect what it owns.

5. Review Powers of Attorney

Make sure the people designated to handle financial and health care decisions are still appropriate and willing to serve.

Review your:

• Financial power of attorney

• Health care power of attorney

• Living will or advance directive

6. Review Business and Real Estate Interests

Business ownership, rental properties, buy sell agreements, or other real estate may require special attention. Make sure recent purchases, sales, or changes in ownership are properly coordinated with the estate plan.

7. Consider Major Life Changes

Even if everything else looks correct, ask:

Has anything significant changed since the estate plan was created or last reviewed?

Changes in family, finances, health care wishes, business ownership, or where you live may be reasons to have the plan reviewed by an attorney.

Annual Estate Planning Checklist

☐ Review family and beneficiaries

☐ Review will and/or trust

☐ Check beneficiary designations

☐ Review trust funding and asset ownership

☐ Review powers of attorney

☐ Review real estate and business interests

☐ Review digital assets

☐ Check for major life changes

Keep Your Estate Plan Current

An estate plan doesn't necessarily need to be changed every year—but it should be reviewed every year. A regular check-in can identify outdated information before it creates problems for loved ones.

Estate planning is not a one-time event. It's an ongoing process that should evolve as life changes.

This is for educational purposes only.  It is not to be construed as legal advice.  You should contact competent legal, tax, and financial advisors.

Compass Rose Law Firm               1830 W Fulton St. #102 Rapid City, SD 57702               www.CompassRoseLawFirm.com