TS Wealth Advisors | Coordinated Wealth Management in Maryland

Many people assume that once they've signed a will, trust, or power of attorney, their planning is complete. However, retirement, changes in family circumstances, relocating to another state, changes in assets, or updates to applicable laws may all warrant a review of your estate planning documents.

Periodically reviewing your plan can help determine whether it continues to reflect your wishes and your current circumstances. Whether you're recently retired, approaching retirement, or simply haven't reviewed your documents in several years, asking the right questions can help you prepare for a productive discussion with your estate planning attorney and other qualified professionals.

Below are the first five of ten questions worth asking — covering the key roles, authorities, and structures that form the foundation of any estate plan.

Have You Reviewed Your Executor, Trustee, and Other Fiduciaries?

·Is this person still willing to serve?
·Are they capable of handling financial and administrative responsibilities?
·Do they live nearby if local availability would be beneficial?
·Have you named appropriate successor fiduciaries?

Life circumstances change. Someone you selected years ago may no longer be the best choice today.

Do Your Financial Powers of Attorney Still Reflect Your Wishes?

·Should the authority become effective immediately or only upon incapacity?
·Is the document durable?
·Have you selected appropriate primary and successor agents?
·Should multiple agents act together or independently?

These are legal decisions that should be discussed with your estate planning attorney.

Have You Reviewed Your Health Care Power of Attorney and Living Will?

·Is your chosen health care agent still appropriate?
·Have you named a successor?
·Do your documents include appropriate HIPAA authorizations?
·Do your end-of-life wishes still reflect your preferences?

Reviewing these documents periodically may provide peace of mind for both you and your family.

Are Your Beneficiary Designations Current?

·Primary beneficiaries
·Contingent beneficiaries
·Transfer-on-Death (TOD) registrations
·Payable-on-Death (POD) accounts

Beneficiary designations should be reviewed to help ensure they remain consistent with your overall estate plan. They often take precedence over your will — meaning an outdated designation can override your current intentions.

Does Your Revocable Living Trust Still Reflect Your Goals?

·Are your trustee appointments still appropriate?
·Have successor trustees been updated if necessary?
·Does your trust still distribute assets according to your wishes?
·Has the trust been properly funded?

Depending on your circumstances, certain assets may need to be retitled into the trust during your lifetime. A trust that hasn't been properly funded may not accomplish the goals it was created for.

Part 2: Questions 6–10

Life events, digital assets, irrevocable trust administration, and when to schedule your next comprehensive review.

Read Part 2 →

Important Disclosure: This article is for educational purposes only and should not be construed as legal or tax advice. Estate planning documents should be reviewed with a qualified estate planning attorney. Individuals should consult their attorney, tax advisor, or other qualified professionals regarding their specific circumstances.

Estate Planning Document Review: 10 Important Questions to Ask Every Few Years