Estate planning is something many families put off until a major life event makes it necessary. But your family, finances, property, and personal wishes can change over time. If you are considering an estate planning attorney in Boise, reviewing your existing plan can help you determine whether it still reflects your current situation. A plan created several years ago may contain outdated beneficiaries, decision-makers, or instructions that no longer match your wishes.
The goal of an estate plan is not simply to have documents stored away. It is to make sure those documents continue to provide clear instructions when your family needs them.
Why Should You Review Your Estate Plan?
An estate plan should change as your life changes. Marriage, divorce, children, new property, business ownership, retirement, or the death of someone named in your documents can all affect your planning needs.
A regular review can help identify outdated information before it creates confusion.
For example, you may have named a family member as your personal representative or healthcare agent years ago. Your relationship or circumstances may have changed since then. Reviewing your documents gives you an opportunity to decide whether that person should still have the same responsibility.
1. Check the People Named in Your Documents
Start by reviewing everyone named in your estate-planning documents.
Depending on your plan, this could include:
- Beneficiaries
- Personal representatives
- Trustees
- Guardians
- Financial agents
- Healthcare agents
- Backup decision-makers
Ask yourself whether these people are still available and whether you still trust them to handle the responsibilities assigned to them.
It is also useful to check whether backup people have been named. If your first choice cannot serve, having an alternate can help avoid unnecessary uncertainty.
2. Consider Major Life Changes
Certain events are strong reasons to review an estate plan.
Marriage or Divorce
A marriage can change your financial and family circumstances. Divorce can also affect who you want to receive property or make decisions on your behalf.
Birth or Adoption
If you have welcomed a child since your last estate-plan review, you may need to reconsider guardianship, beneficiaries, and how assets should be managed for your children.
Death in the Family
If someone named in your documents has died, your plan may contain outdated instructions. Review your documents to see who is supposed to take that person’s place.
Major Financial Changes
Buying or selling real estate, receiving an inheritance, starting a business, or making significant investments can all be reasons to revisit your plan.
3. Make a Current List of Your Assets
Your estate plan should reflect what you actually own today.
Create an updated list that includes:
- Homes and other real estate
- Bank accounts
- Retirement accounts
- Investment accounts
- Life insurance
- Business interests
- Valuable personal property
- Digital assets
You should also consider how each asset is intended to transfer.
Idaho court guidance notes that certain assets, including some life insurance and retirement proceeds, can pass through beneficiary designations rather than through a will.
This is one reason it is important to review your estate plan as a complete picture rather than looking at your will alone.
4. Review Your Beneficiary Designations
Beneficiary designations can be easy to overlook.
Check the beneficiaries listed on applicable retirement accounts, life insurance policies, and other financial accounts.
Make sure the people listed still match your wishes.
For example, a beneficiary designation created before a marriage, divorce, or the birth of a child may no longer reflect your current intentions.
If you are unsure how a beneficiary designation interacts with your estate plan, consider getting legal advice before making changes.
5. Review Your Will
Your will should also be reviewed periodically.
Consider these questions:
- Does it still reflect your wishes?
- Is your personal representative still the right person?
- Are the beneficiaries correct?
- Have your family circumstances changed?
- Have you acquired new property?
- Have your wishes about personal belongings changed?
A will can be an important part of an estate plan, but it may not address every asset or every planning issue.
6. Plan for Healthcare Decisions
Estate planning is not only about what happens after death.
You should also consider what would happen if you became unable to communicate or make healthcare decisions.
Idaho’s Department of Health and Welfare explains that an Idaho Advance Directive includes a Durable Power of Attorney for Healthcare and a Living Will. These documents can help communicate your healthcare wishes and identify someone who can speak on your behalf if you cannot do so.
Ask yourself:
Who would make healthcare decisions for me if I could not make them myself?
If your answer has changed since your documents were created, your plan may need to be reviewed.
7. Review Your Financial Power of Attorney
Financial planning should also include incapacity planning.
Think about who you would trust to handle financial matters if you could not manage them yourself.
Depending on the document, a financial power of attorney can give another person authority to act on your behalf.
Review who is currently named and whether that person is still the right choice.
8. Do Not Forget Digital Assets
Modern estate planning can also involve digital property.
This may include:
- Online financial accounts
- Digital photographs
- Cloud storage
- Websites
- Online businesses
- Cryptocurrency
- Social media accounts
Think about what should happen to these accounts and information if you become incapacitated or die.
Keeping a secure record of important digital information can also make it easier for your family to locate what they need.
9. Consider Your Children
Parents of minor children should pay particular attention to guardianship planning.
Think about who you would trust to care for your children if you and the other parent were unable to do so.
You may also want to consider how financial resources would be managed for your children.
Your choices should be reviewed when family circumstances change.
10. Review Property Ownership
How property is owned can affect how it transfers after death.
Idaho court guidance notes that joint ownership with rights of survivorship can have complications when it is used as a substitute for a will.
For this reason, review how major property is titled and make sure the ownership structure works with your overall estate plan.
How Often Should You Review Your Estate Plan?
There is no single review schedule that works for everyone.
However, it is sensible to review your plan after major life events, including:
- Marriage
- Divorce
- Birth or adoption
- Death of a beneficiary
- Death of an appointed decision-maker
- Major financial changes
- Buying or selling property
- Starting or selling a business
- Significant changes in your wishes
Even if nothing major has changed, a periodic review can help confirm that your documents remain current.
Estate Plan Review Checklist
Before reviewing your plan, gather:
Family information: Spouse, children, dependents, and potential guardians.
Trusted people: Personal representative, trustee, financial agent, healthcare agent, and backups.
Assets: Real estate, accounts, investments, insurance, business interests, and valuable property.
Documents: Will, trust documents, powers of attorney, advance directive, and beneficiary information.
Having this information organized can make an estate-planning review easier and more productive.
Keep Your Estate Plan Up to Date
Your estate plan should reflect your current life, not circumstances from years ago. Reviewing your beneficiaries, decision-makers, assets, property ownership, healthcare wishes, and important documents can help identify gaps before they become problems.
If your family or financial circumstances have changed, reviewing your plan with a qualified professional can help you understand your available options.
Minert Law Office provides estate-planning resources and legal guidance for individuals and families. Visit the estate planning page to learn more about available planning options.
Frequently Asked Questions
What is estate planning?
Estate planning involves creating arrangements for your property, finances, healthcare decisions, and other important matters if you become incapacitated or die.
When should I update my estate plan?
Review your plan after major life changes such as marriage, divorce, having a child, losing a beneficiary, acquiring significant property, or experiencing major financial changes.
Does a will cover everything I own?
Not necessarily. Some assets can pass through beneficiary designations or other arrangements instead of through a will.
What is an Idaho Advance Directive?
An Idaho Advance Directive includes a Durable Power of Attorney for Healthcare and a Living Will. It can help communicate healthcare preferences and identify someone who can make healthcare decisions on your behalf when you cannot.
Should beneficiary designations be reviewed?
Yes. Review applicable beneficiary designations regularly to make sure they still reflect your current wishes.
Do I need an attorney to review my estate plan?
The need for legal assistance depends on your circumstances. Families with significant assets, complex property ownership, business interests, or changing family situations may benefit from discussing their options with an estate-planning attorney.
