Estate Planning Document Review: Questions 6–10
In Part 1, we covered the foundational questions around fiduciaries, powers of attorney, and beneficiary designations. Here are the final five — covering life changes, digital assets, and when to schedule your next comprehensive review.
Have You Recently Moved or Changed Residency?
Moving to another state can affect certain aspects of your estate plan. If you've established a new legal domicile, it may be appropriate to have your estate planning attorney review your documents to determine whether updates are advisable under your new state's laws.
Have You Considered Your Digital Assets?
Many people accumulate valuable digital assets over time, including:
- ·Online financial accounts
- ·Email accounts and cloud storage
- ·Social media accounts
- ·Digital subscriptions and licenses
Discuss with your attorney whether your estate plan appropriately addresses access to these assets and any instructions you wish to leave for your fiduciaries.
If You Have Irrevocable Trusts, Are They Being Properly Administered?
Certain irrevocable trusts require ongoing administration. Depending on the type of trust, trustees may have responsibilities such as:
- ·Maintaining records
- ·Making required distributions
- ·Issuing required notices
- ·Filing tax returns
Periodic reviews with your attorney and tax advisor may help confirm these responsibilities continue to be met.
Have You Reviewed Your Plan Following Major Life Events?
Any of the following may be a reason to revisit your estate planning documents:
- ·Marriage or divorce
- ·Birth of grandchildren
- ·Retirement
- ·Significant changes in wealth
- ·Death or incapacity of a loved one
Even if no changes are necessary, confirming your plan still reflects your wishes can provide peace of mind.
When Was Your Last Comprehensive Estate Plan Review?
Rather than reviewing documents individually, consider scheduling a comprehensive review every few years with your estate planning attorney. Looking at your will, trusts, powers of attorney, healthcare directives, beneficiary designations, and account ownership together can help identify inconsistencies or outdated information that a piecemeal review might miss.
Frequently Asked Questions
How often should I review my estate planning documents?
Many professionals recommend reviewing your estate plan periodically and after significant life events. Your attorney can help determine an appropriate review schedule based on your circumstances.
Does a will control all of my assets?
Not necessarily. Certain assets — such as retirement accounts and life insurance policies — generally pass according to beneficiary designations, which can override your will.
Should I review my beneficiary designations?
Yes. Reviewing beneficiary designations periodically may help ensure they remain consistent with your overall estate planning objectives and reflect your current wishes.
Final Thoughts
Estate planning is not simply about having documents prepared — it's about helping ensure those documents continue to reflect your wishes as life evolves. Periodic reviews can provide an opportunity to discuss changes in your family, finances, goals, and applicable laws with your estate planning attorney.
At TS Wealth Advisors, estate planning is one piece of a comprehensive retirement strategy. While we do not provide legal advice or draft estate planning documents, we believe coordinating your financial plan with your attorney, CPA, and other trusted professionals can help keep every aspect of your plan working together.
Important Disclosure: This article is provided for educational purposes only and should not be considered legal or tax advice. TS Wealth Advisors and LPL Financial do not provide legal advice or draft legal documents. Individuals should consult with a qualified estate planning attorney and tax professional regarding their specific circumstances.
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Written by
Tom Sweeney, ChFC®, CRPC®
Founder, TS Wealth Advisors · 30 years of experience in wealth management
At TS Wealth Advisors, we help pre-retirees and retirees coordinate their financial plan with their estate planning attorney, CPA, and investment strategy — so every piece is working together.
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