Creating an estate plan is a major accomplishment, but signing the documents is not the end. You still need to ensure your strategy provides peace of mind and protects your hard-earned legacy. An estate plan is a living tool that should evolve with your life. Over time, family changes, financial shifts, and new goals can affect your plan. Births, children growing up, career or business developments, changes to investments, health, or residence all matter. External factors, like new tax laws or financial tools, can also impact your plan or create new opportunities. You don’t need to spend hours worrying about your estate plan. Simply ask yourself these nine questions to stress test it and see if an update is needed.

When Did You Last Update Your Will or Living Trust?

It is common for estate planning attorneys to encourage you to update an estate plan once an election cycle, as in once every four years. This can help families stay on top of any changes to the law which occur during that time. However, if a major life change happens sooner, it is a good idea to take another look immediately. The more time that has passed, the more likely there have also been changes in the law that could affect how your plan works.

Whom Have You Named as Executor or Trustee?

Are the people you chose to wind down your affairs still the right fit? Sometimes people choose a loved one out of obligation, even if that person may not be the best at managing money or handling difficult situations. Ask yourself: Is the person I chose still willing and able to handle this responsibility? Am I confident that they understand my values and will act in a way that reflects my wishes?

Do You Have Adequate Life Insurance?

Life insurance can provide for you and your loved ones after your death, depending on the policy type. It’s important to have the right kind—term, whole, or universal—and enough coverage for your needs.

Regularly review each policy’s beneficiary designations. Name a primary beneficiary, first in line to receive proceeds, and a contingent beneficiary, in case the primary cannot inherit. If you have a trust-based estate plan, your attorney may suggest naming the trust as a beneficiary. This allows proceeds to flow directly into the trust and be managed according to your wishes.

Regular reviews help your policies pass smoothly, protecting loved ones from delays, confusion, or unintended results.

Are Any Jointly Owned Assets with Someone Other than Your Spouse?

Jointly owned property can sometimes cause unexpected tax or administration issue. This is doubly true when assets are jointly owned with someone other than your spouse (such as a parent or sibling).  Look at your real property records and seek advice from a professional to ensure your accounts and property are titled in the most tax-efficient way while still carrying out your planning objectives.

How Is Your Recordkeeping?

Good recordkeeping makes it much easier for loved ones to step in if you cannot manage your health or finances while you are alive or after your death. Do you have an up-to-date list of all bank and investment accounts, employee benefits, retirement plans, online passwords, and key legal documents in one safe place? If not, now is the time to set that up.

Keeping this information organized, accessible, and secure helps your loved ones act smoothly, avoiding unnecessary stress or delays.

Has Your Health or the Health of a Loved One Changed?

If you or a loved one has been diagnosed with a serious illness, review your estate plan to reflect current circumstances. Update healthcare and financial powers of attorney so trusted individuals can manage decisions according to your wishes.

Also consider revisiting your living will, trust provisions, and long-term care planning to ensure your plan provides proper protection and support for you and your family.

Have You Experienced a Major Financial Change?

Your estate plan should reflect your current financial situation. If you’ve received an inheritance, acquired or sold significant assets, accepted a new job, retired from the workforce, or made new investments, it is time review your plan.

Financial changes can affect taxes, distribution goals, and beneficiary designations. Keeping your plan up to date ensures your wealth is protected and passes according to your intentions.

Do You Have a Plan for Your Digital Life?

Today, much of our personal and financial life exists online, yet many overlook digital assets in their estate plans. Digital assets include cryptocurrency, online accounts, social media profiles, email, cloud storage, and monetized platforms or websites. A proper plan should identify these assets, authorize access, and provide clear instructions for managing or transferring them.

Without planning, valuable or sentimental digital property can be lost, locked, or mishandled. Including your digital life in your estate plan ensures your online assets are protected and passed on according to your wishes.

When Did You Last Give Your Plan a Thorough Going Over?

Even if nothing major has happened, we recommend having your plan reviewed by an experienced estate planning attorney every three to five years. This precaution can help you catch small issues before they become big problems. If any of these questions made you pause, it might be time to review your plan. We are here to help you get the peace of mind that comes from knowing that you and your loved ones are protected. Nielsen Law PLLC Provides family-focused estate and business planning to individuals and families in Austin, Round Rock, Cedar Park, and the Central Texas area. For more information, and to learn about our firm, please contact us to learn how.