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📑 Estate Planning Documents That Should Be Reviewed Annually

 


Many families assume that once their estate planning documents are signed, the work is finished. In reality, that’s just the beginning.

Life changes—👶 births, 💍 marriages, 💔 divorces, 🏡 moves, 💼 career shifts, and 💰 financial changes—can quietly make your estate plan outdated or incomplete. Add in changes to state laws or small oversights, and gaps can appear that often don’t surface until it’s too late to fix them.

That’s why an annual estate plan review isn’t just helpful—it’s essential. January is an ideal time to do this, as many people are already reviewing their finances, taxes, and goals for the year ahead.

Below is a guide to the key estate planning documents you should revisit every year.

📝 1. Will or Trust — Are Your People and Goals Still Aligned?

Your will or trust outlines your core wishes—who receives what, and how. As your life evolves, your documents should evolve too.

Ask yourself:

  • 👥 Beneficiaries: Are the people named still the ones you want to inherit?

  • 👨‍👩‍👧 New family members: Have there been new children, grandchildren, or step-family additions?

  • 🧒 Guardians for minor children: Are your chosen guardians still willing, able, and appropriate?

  • 🏦 Trustee selection: If you have a trust, is your trustee still the best person or institution for the role?

Clear and current designations today can help prevent family conflict, confusion, and costly court delays tomorrow.

✍️ 2. Powers of Attorney — Do They Still Reflect Trust and Capability?

Durable Powers of Attorney and Medical Powers of Attorney (often called Patient Advocate Designations) allow someone you trust to act on your behalf if you become incapacitated.

During your annual review, consider:

  • 📍 Is the person you named still available and easy to reach?

  • 🩺 Has their health or lifestyle changed?

  • 🔁 Would naming a backup or co-agent provide added peace of mind?

These documents are often relied on during stressful moments. Small updates now can prevent big problems later.

🏥 3. Healthcare Directives — Do They Still Reflect Your Wishes?

Healthcare Directives, including Living Wills, spell out your preferences for medical care if you cannot speak for yourself.

It’s worth revisiting:

  • ❤️ Have your views on medical treatments or life-sustaining care changed?

  • 🧠 Are there new health concerns that should be addressed?

  • 🌍 Are your decision-makers still the right choice emotionally and geographically?

Regular updates help ensure your care is guided by your wishes—not guesswork.

🗂️ 4. Asset Inventory — What’s New (or Gone)?

Your estate plan is only as complete as the assets it covers. Over the past year, you may have:

  • 🏠 Bought or sold a home

  • 💵 Inherited money or property

  • 📈 Opened new investment or retirement accounts

  • 🏢 Started or sold a business

  • 🎨 Acquired valuable collections

  • ✔️ Paid down debt or restructured finances

Keeping a simple, updated list of what you own helps ensure nothing is overlooked. This is also a good time to confirm assets are properly titled and beneficiary designations are current—two key steps in avoiding probate and ensuring your wishes are honored.

✅ Annual Reviews Aren’t About Starting Over — They’re About Peace of Mind

Think of your estate plan like a finely tuned instrument 🎻. It works best when it’s checked and adjusted regularly. An annual review isn’t about reinventing the plan—it’s about making sure it still fits your life today and supports your goals for tomorrow.

Your loved ones deserve clarity, security, and confidence—not confusion or surprises. A yearly estate plan check-in can make all the difference. 💙

Original article from Rutkowski Law Firm newsletter.

___________________________________________________________________________


Whether buying, selling, or seeking valuable insights into the market, I'm here to be your trusted guide in the dynamic world of real estate. Feel free to contact me for a confidential discussion, where we can explore your goals, address any questions, and navigate the exciting path of real estate together. Your real estate journey is unique, and I am committed to providing personalized assistance tailored to your needs. Don't hesitate to connect. 


Dani | 734-623-9442 | dani@danihallsell.com

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