Which Estate Planning Documents 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 Life events—like births, deaths, moves, and financial changes—can quietly make your documents outdated or incomplete. On top of that, updates to state laws or errors in earlier drafts can create gaps that often only surface when it’s too late to fix them.

At Rutkowski Law Firm, we frequently meet clients who believed they were fully protected, only to find that an overlooked beneficiary change or a significant life event has left their plan out of sync with their current reality. That’s why an annual review isn’t just helpful—it’s essential to keeping your estate plan effective and aligned with your life.

Below is a guide to the key documents you should revisit each year—especially every January, as you set your tax and financial goals for the year ahead.

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

Your will or trust lays out your core estate planning intentions—who receives what, and in what manner. But as your life changes, your documents should, too.

At a minimum, ask yourself:

1. Beneficiaries – Are the people named still the ones you want to inherit your assets?
2. New family members – Have any grandchildren, stepchildren, or other loved ones been added since your last review?
3. Guardians for minor children – Are your chosen guardians still willing, able, and appropriate for the role?
4. Trustee selection – If you have a trust, is your current trustee still the best person or institution to act on your behalf?

Updating these choices helps ensure your wishes are carried out without confusion or conflict. Clear designations today can prevent family strife and costly court delays tomorrow.

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

A Durable Power of Attorney and a Medical Power of Attorney (or Patient Advocate Designation) give trusted individuals the authority to act on your behalf if you become incapacitated. But relationships, health considerations, and levels of personal trust can change over time.

During your annual review, consider:

1. Is the person you named still readily available and able to serve?
2. Has anyone’s health or lifestyle changed in a way that could affect their ability to act?
3. Would adding co‑agents or successor agents provide more flexibility, redundancy, and peace of mind?

A minor update now can prevent a crisis later, when you or your family need apparent authority the most.

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

A Healthcare Directive (including a Living Will) outlines your preferences for medical care if you can’t speak for yourself.

As medical options evolve and personal values shift over time, it’s worth reflecting:

• Has your view on specific medical interventions changed?
• Are there new health concerns that weren’t part of your plan before?
• Are the people you named to make decisions still the right choices emotionally and geographically?

Updating these documents annually or after significant health changes ensures your preferences guide care rather than leaving it to 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 accounts
• Started a business or acquired valuable collections
• Paid down debts or restructured retirement funds

Making an asset inventory — a simple list of everything you own — helps you determine whether your estate plan still accounts for all of it. If not, now is the time to update.

This is also an opportunity to confirm that assets are appropriately titled and that beneficiaries are up to date — two steps that can help avoid probate and ensure your intentions are carried out.

Annual Reviews Aren’t About Reinventing the Plan — They’re About Certainty

Think of your estate plan like a finely tuned instrument: it performs best when it’s adjusted regularly. An annual review isn’t about starting from scratch—it’s about making sure your plan still fits your life today and supports your goals for tomorrow.

Your family deserves clarity, security, and confidence that your wishes will be followed—not confusion, conflict, or unwelcome surprises. Regular check‑ins help make that possible.

Let’s Make Sure Your Plan Still Works for You

Whether it’s been 1 year or 10 since your last review, now is the perfect time to take stock and make any necessary adjustments. At Rutkowski Law Firm, we help families do this every day—cutting through complexity with care, clarity, and confidence.