Estate Plan Review

estate plan review

Estate planning is a task people tend to put off. However, once your will and other estate documents are in place, you may not think about them again for a long time.  Major life changes should trigger an estate plan review.

When You Need Estate Plan Review

Protect your loved ones and estate planning beneficiaries by keeping the information current. Choosing not to do so is one of the biggest estate planning mistakes we see.

Update Your Estate Plan After a New Baby

Expecting your first child might be the life event that makes you realize the importance of creating a will. Besides naming the child as a beneficiary, it’s a good time to document who their guardian would be if something happened to you and your spouse. Estate planning for new parents is incredibly important.

Change in Marital Status Merits an Estate Review

Is your ex-spouse still listed as a beneficiary? How about a business successor? This is just one example of when outdated estate documents could create problems for your family after you’re gone. Marriage, divorce, your spouse’s death, and your children’s marriage are all excellent reasons to review and update your estate documents. 

Windfall: a Time to Review Your Estate

Suppose there is a significant increase in the value of your estate. In that case, you will want to make the necessary changes to minimize the estate tax implications for your estate and its beneficiaries. 

Update Your Estate When You Realize There’s an Irresponsible Beneficiary

If a beneficiary were to become financially irresponsible due to substance abuse, you might consider moving their portion of your estate into a trust. A power of attorney agent can help the beneficiary make fiscally sound decisions. 

Important Documents for Estate Plan Review

While there are many benefits of estate planning, and creating an estate plan is crucial for protecting you and your family, it requires updating occasionally. Different estate plan components must change according to your life, or they might no longer match your wishes. Estate plan updates don’t have to be difficult.

Here are a few essential aspects of estate plans to check to ensure they are up-to-date, an executor checklist, if you will. Doing the following lets you know that your estate plan still serves your best interests.


Wills are the cornerstones of most estate plans, so they must remain up-to-date. Ensure your initial selection of executor is still willing and able to perform the very important job.

If you have not named a guardian for any minor children in your care, do so now. Without a stated guardian, the court will decide on your behalf should the unthinkable happen. Along with tangible assets, be sure to include any digital assets you own.


Trusts can benefit people of all levels of wealth. The type of trust you have dictates the nature of your review. If you have a revocable trust, check your successor listing to ensure it still meets your needs. If not, make the necessary updates to ensure it is suitable. While you cannot change an irrevocable trust, you can check in with your trustee to ensure they handle all necessary duties.

Powers of Attorney

What is power of attorney?

There are two types of powers of attorney. Financial powers and health care proxies.

Financial power of attorney has the authority to handle your financial matters, but what is a health care proxy? Health care powers of attorneys can make medical decisions on your behalf when you cannot. Because these selections are important, ensure your original choice suits the job during the incapacity planning process. You should also ensure that any changes in your personal representative selection are well documented.

Albany Estate Planning Lawyers

In general, you should review your will every few years. Not only does your life change but estate laws also change. It’s essential to make sure your estate plan changes with the times. Our Albany, New York estate planning attorneys can help with any estate planning updates you may need to add.


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