Estate planning is the process of arranging how a person's assets and responsibilities will be managed during their lifetime and distributed after death according to their wishes.
While there’s no universal rule, most estate planning attorneys recommend reviewing estate plans every three to five years—or sooner if a major life event occurs. Even seemingly minor changes in assets, health, family circumstances, or business interests can affect how well a plan functions.
Estate planning isn’t a one-and-done task. As a client’s life, finances, and goals evolve, their estate plan must be reviewed and adjusted to remain effective.
Laws change, tax codes evolve, and life happens. A plan that was perfectly drafted just a few years ago may no longer align with current legal requirements or a client’s best interests today.
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Why Estate Planning Reviews Matter
Life doesn't stand still, and neither should estate plans. A review ensures that your client's documents still reflect their wishes, their current family situation, and the latest legal requirements.
Without regular reviews, beneficiary designations can become outdated, fiduciaries may no longer be appropriate, and tax strategies can miss valuable opportunities. By staying proactive, you can help your clients identify and address these issues before they turn into costly problems.
The benefits of regularly reviewing an estate plan include:
- Maintains legal compliance: Tax laws and probate codes are constantly evolving; regular reviews help catch outdated provisions that may conflict with current law.
- Reflects current relationships: Changes such as marriage, divorce, births, deaths, or family conflicts can affect how assets should be distributed.
- Optimizes tax efficiency: You can apply the most current exemption thresholds to minimize the tax burden on heirs and beneficiaries.
- Ensures fiduciary readiness: Verifies that named executors and trustees are still willing and able to serve.
- Captures new or overlooked assets: A review identifies newly acquired property, business interests, or inherited assets that may not be properly titled or funded.
- Provides peace of mind: Knowing a plan is current and still works as intended reduces anxiety for the client and provides a clear roadmap for their family during difficult times.
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Key Life Events That Trigger a Review
While the "every few years" rule is a good baseline, certain life changes should prompt an immediate estate plan review. Common triggers include:
- Marriage or divorce
- Birth or adoption of a child or grandchild
- A child or grandchild reaching adulthood
- Death of a family member or beneficiary
- Significant changes in health
- Moving to a different state
- Buying or selling a home, business, or other major asset
- Receiving a large inheritance or gift
- Significant changes to federal or state tax laws
- Changes in relationships with named fiduciaries or beneficiaries
- Changes in the number of dependents
- Large increases or decreases in the value of assets
- Death or change in circumstances of an executor or trustee
Even without these major events, regular reviews help keep a client's estate plan accurate, address minor issues early, and ensure that their wishes remain fully reflected.
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What to Cover in an Estate Plan Review
An estate plan review is a comprehensive check to confirm that all documents, accounts, and strategies still reflect a client’s goals, family situation, and current laws. During a review, you typically examine the following with your clients:
Fiduciary Roles
Start by identifying everyone named as a fiduciary in your client's plan. This includes executors, trustees, and agents under powers of attorney.
Evaluate whether each person is still available and capable of serving. If someone has passed away, become incapacitated, or is simply no longer the right fit, it's time to name a replacement.
Beneficiary Designations
Audit the beneficiary designations on retirement accounts, life insurance policies, and any payable-on-death (POD) accounts. Confirm these designations align with the overall estate plan—and aren't still pointing to a former spouse or deceased relative.
Asset Titling and Trust Funding
Verify that real property titles reflect trust ownership when intended. Check that bank and brokerage accounts are titled correctly. If your client has acquired new assets since their last review, make sure those assets are properly funded into the trust.
Digital Assets
Take inventory of digital accounts, online financial platforms, and any cryptocurrency holdings. Confirm that access instructions are documented somewhere secure where trustees or agents can find them when needed.
Tax and Gifting Strategies
Review the current federal and state exemption thresholds, sunset provisions, and other tax rules that may affect your client's plan. Assess whether the existing gifting strategy still makes sense given changes in the law or your client's financial situation.
Business and Real Estate
For clients with high-liability property, assess whether entity structuring through an LLC or similar vehicle would provide better protection. Confirm that business succession plans and real estate strategies are up to date.
Documents and Records
Confirm that original documents are accessible and securely stored. Make sure trusted contacts know exactly where records are kept so nothing gets lost in an emergency.
Planning for Adult Children
Once children turn 18, their parents no longer have automatic access to their medical or financial information. It's recommended that adult children have their own powers of attorney and healthcare directives in place.
With these documents, clients can step in to help if an adult child becomes incapacitated or faces a medical emergency. If those adult children have minor children of their own, suggest they consider guardianship designations as well to ensure grandchildren are protected.
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Free Client Review Checklist
A structured checklist makes estate plan reviews faster and more consistent. Instead of relying on memory, you can use a set of questions during intake or check-ins that helps you quickly identify potential gaps or outdated provisions.
Below is a set of questions you can use. A “yes” answer to any question signals that the estate plan may need updates in that area.
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Stay Prepared by Keeping Your Clients Plan Current
Consistent estate plan reviews protect your clients and strengthen your practice. When you make reviews a standard part of your service, everyone benefits.
However, between scheduling reviews, gathering documents, and following up, this administrative workload takes up time and effort that leaves attorneys little time to focus on legal strategy and client service.
Professional support can make a real difference. Estate planning legal assistants from Legal Soft handle daily tasks such as client intake, case management, and document collection.
They understand the unique demands of estate planning practice and are trained to support attorneys with administrative workflows. This frees you to focus on the legal analysis and client relationships that require your expertise.
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Frequently Asked Questions
How frequently should attorneys conduct estate planning reviews?
Most attorneys recommend reviewing estate plans every three to five years, or immediately after any major life event such as marriage, divorce, birth of a child, or significant financial change.
What happens if an estate plan isn't reviewed regularly?
Outdated plans can result in unintended beneficiaries receiving assets, inappropriate fiduciaries being named, missed tax-saving opportunities, and documents that no longer comply with current laws.
What documents are reviewed in estate planning?
An estate planning review typically covers wills, revocable and irrevocable trusts, powers of attorney, healthcare directives, beneficiary designation forms, and business succession documents.
