Start with what you have now
The first step is to gather every document you created when you made your estate plan. This includes your will, any trusts, powers of attorney (both financial and healthcare), and your living will or advance directive. If you cannot find the originals, contact the attorney who drafted them or check with your bank or financial institution — many keep copies on file.
Read through each document carefully. Write down the date each was signed and note who you named as executor, trustee, healthcare proxy, or agent. These are the people who will carry out your wishes, so their names matter. If you cannot remember why you made certain choices, that is a signal to review more closely.
Once you have everything in one place, make a list of your major assets: real estate, bank accounts, investment accounts, retirement accounts, life insurance, and any business interests. Note whose name each asset is in and whether it names a beneficiary. This list will help you spot gaps or outdated arrangements.
Key Takeaways
- Gather all your estate planning documents — will, trusts, powers of attorney, and advance directives — and check the dates they were signed.
- Review who you named in each role (executor, trustee, healthcare proxy) and whether those people are still willing and able to serve.
- Compare your asset list to your beneficiary designations on retirement accounts and life insurance, because these pass outside your will.
- Update your plan if you have moved to a different state, experienced a major life change, or if tax laws have shifted significantly.
- Work with an attorney if you are making substantial changes, because small mistakes in wording can affect how your wishes are carried out.
Check whether your named people can still do the job
Life changes. The person you named as executor ten years ago may have moved across the country, developed health problems, or straightforward told you they no longer want the responsibility. The same is true for trustees, healthcare proxies, and financial agents. Contact each person and ask directly: are you still willing to serve? Do you still live nearby? Have your circumstances changed?
If someone says no, or if you have lost touch with them, name a replacement now. You can name an alternate executor or trustee in your will or trust document, but the cleaner approach is to update the document itself so there is no confusion. If you cannot think of anyone you trust, some people name a professional — a bank trust department, a trust company, or an attorney — though this costs money and removes personal judgment from decisions.
Pay special attention to your healthcare proxy or medical power of attorney. This person may need to make life-and-death decisions on your behalf. Make sure they understand your values, know where to find your advance directive, and are comfortable having hard conversations with doctors. If your relationship with that person has changed, update it now.
Match your beneficiaries to your current wishes
Your will says who gets what, but retirement accounts, life insurance policies, and some bank accounts have their own beneficiary forms. These pass directly to whoever is named on the form, bypassing your will entirely. If your will says your estate goes to your children equally, but your IRA still names your ex-spouse, your ex-spouse gets the IRA.
Pull up the beneficiary designation forms for every retirement account (401(k), IRA, Roth IRA), life insurance policy, and any bank accounts or investment accounts that allow you to name a beneficiary. Check the names and dates. If you have remarried, had children, or experienced a death in your family, these forms may be out of step with your current wishes.
Some states have laws that automatically remove an ex-spouse from beneficiary forms after divorce, but not all do, and the rules vary by account type. Do not assume the divorce took care of it. Call each financial institution and ask for a current beneficiary form, update it if needed, and keep a copy for your records. This is one of the most common sources of family conflict after someone dies.
Look for gaps between your assets and your plan
Compare your asset list to your estate plan. If you own a house, does your will or trust address it? If you have a business, have you named someone to take it over or made a plan to sell it? If you have minor children, does your will name a guardian for them?
Some assets may not be addressed at all. For example, if you have a safe deposit box, does anyone know where the key is or what is inside? If you have digital assets — email accounts, social media, cryptocurrency, online banking — have you left instructions for accessing or closing them? If you have pets, have you named someone to care for them and left money for their care?
These gaps do not mean your plan is worthless, but they do mean your family may face confusion or expense after you die. A straightforward update can prevent that. You do not always need a lawyer — sometimes a letter of instruction listing your digital assets, account numbers, and passwords (stored securely) is enough. Other times, you may need to add a clause to your will or create a separate trust for a specific asset.
Understand when state law changes matter
Tax laws change, and so do state laws about wills, trusts, and inheritance. If you have not updated your plan in more than five years, or if you have moved to a different state, it is worth having an attorney review it. Some changes are minor — a new tax deduction that does not affect your plan — but others can be significant.
For example, some states have changed their rules about who can serve as a trustee, how trusts are taxed, or what happens to your estate if you die without a will. If your plan was drafted in one state and you now live in another, your will may still be valid, but your trust or powers of attorney might not work the way you intended. An attorney in your current state can tell you whether an update is necessary.
You do not need a full rewrite every time the law changes. Often a straightforward amendment — called a codicil for a will or an amendment for a trust — is enough. An attorney can advise you on what is needed.
Decide what needs updating versus what needs replacing
Not every change requires a new estate plan. If you want to change one beneficiary, update a name, or add a new asset to a trust, an amendment is usually faster and cheaper than starting over. If you are making major changes — divorcing, remarrying, moving to a different state, or completely changing how you want your estate divided — a new plan may be clearer.
An attorney can help you decide. Bring your current documents and a list of what you want to change. A consultation usually costs between $100 and $300 and can save you money in the long run by making sure the changes are done correctly. If your plan is very old or very complicated, or if your family situation is complex, professional help is worth the cost.
If your plan is straightforward and the changes are small, you may be able to handle an amendment yourself using an online legal service. However, mistakes in wording can cause real problems for your family later. If you are unsure, ask an attorney to review what you have drafted before you sign it.
Create a system for keeping your plan current
Once you have updated your plan, set a reminder to review it again in three to five years. Mark it on your calendar or set a phone alert. Life does not stand still — you may have new grandchildren, sell a business, move, or experience health changes that affect your wishes.
Keep your documents in a safe place where your family can find them. A safe deposit box at a bank works, though some people prefer a fireproof safe at home because banks can be slow to open boxes after someone dies. Wherever you keep them, tell your executor or trustee where to find them and how to access them. Leave a copy with your attorney if you have one.
Make a straightforward list of your key documents and where they are stored. Include account numbers, the names of financial institutions, and contact information for your attorney or accountant. Store this list somewhere your family can find it — with your will, in your safe, or with a trusted family member. This one step can save your family weeks of searching and thousands of dollars in legal fees.
Frequently Asked Questions
How often should I review my estate plan?
Every three to five years is a reasonable schedule, or sooner if you experience a major life change like marriage, divorce, the birth of a child or grandchild, a significant change in your assets, a move to a new state, or a serious health diagnosis. You do not need a full review every time — sometimes a quick check of beneficiary forms is enough.
What if I cannot find my original estate plan documents?
Contact the attorney who drafted them — most keep copies for years. If you do not remember who drafted them, check with your bank, financial advisor, or accountant; they may have copies on file. Your county clerk's office may also have a record if your will was filed there. If you cannot locate anything, an attorney can help you recreate or replace your plan.
Do I need a lawyer to update my estate plan?
It depends on the scope of changes. Small updates like changing a beneficiary name or adding a new asset to a trust can sometimes be handled with an amendment and a notary. Major changes or complex family situations usually benefit from an attorney's review to make sure the language is correct and your wishes are clear. A consultation costs far less than fixing mistakes later.
What happens if I update my will but forget to update my beneficiary forms?
The beneficiary forms control those specific accounts, not your will. If your will says your estate goes to your children but your IRA names your ex-spouse, your ex-spouse gets the IRA. This is one of the most common sources of conflict. Check and update all beneficiary forms whenever you make major changes to your plan.
Can I update my estate plan myself online?
Online legal services can work for straightforward, straightforward plans — a basic will or living will with no unusual circumstances. However, if your situation is complex, your family is blended, or you own significant assets, mistakes in wording can cause real problems. At minimum, have an attorney review what you have drafted before you sign it.