Annual Estate Plan Check-Up: Key Questions That May Prompt a Review

Legacy planning is like tending to a garden—you don’t need to fuss with it every day, but ongoing maintenance is crucial for the best results in the future. As winter fades and spring approaches, now is the perfect time to review your estate plan to ensure it still aligns with your wishes and any changes in the law.

Below is a checklist of key questions to consider. If any of these apply to your situation, it may be time to update your estate plan—or at least have a conversation with your attorney and your Mission Wealth advisor about suggested next steps.

Life Changes That May Require an Estate Plan Update

• Have there been any significant changes in my life since I created my estate plan (e.g., marriage, divorce, birth, death, relocation)?
• Do my choices for trustee, executor, personal representative, and agents under my financial and medical powers of attorney reflect my current wishes?
• Do my current estate allocations still align with my intentions?

Tax and Legal Considerations

• Does my estate plan reflect recent changes in estate and gift tax laws?
• Does my plan have flexibility for potential future changes in tax laws?
• Is my Financial Powers of Attorney document from before 2017?
  • Many states have added provisions allowing your agent to access digital assets.

Beneficiary & Asset Distribution Review

• Do my beneficiary designations on all accounts match my estate plan?
• Have I named both primary and contingent beneficiaries where applicable?
• Does my estate plan provide the level of protection I want for my beneficiaries?
• Have there been any changes in my beneficiaries’ lives (e.g., marriage, financial status, health) that may require revisiting their inheritance?
• Do I want to provide for any of my beneficiaries’ spouses?
• Have I set aside funds to care for my pets if needed?

Trust & Asset Management Considerations

• Do I have a trustee of last resort in case something happens to all of my named trustees?
• Have I properly funded all eligible assets into my trust?
• Am I maximizing the annual gift tax exclusion ($19,000 per recipient in 2025)?
• Can my appointed successors make financial gifts on my behalf if I am incapacitated?

Charitable Giving & Tax Efficiency

• Do I want to include charitable donations as part of my estate plan?
• Are my charitable contributions structured in the most tax-efficient way (e.g., donor-advised funds)?
• Am I directing the most tax-efficient assets to the right beneficiaries (e.g., retirement accounts to charities, tax-favorable assets to heirs)?

Final Expenses & Asset Organization

• Do I have a liquid account designated for my trustee or executor to cover final expenses immediately?
• Have I documented and shared a record of all my assets, their locations, and access information with my successor trustee, executor, or agent?
• Do I own any business assets, and are they structured for proper management if something happens to me?

Mission Wealth’s Estate Planning & Trust Management Services

This is not an exhaustive list; not all answers require an immediate estate plan update. However, your legacy is not set in stone, and ensuring your plan aligns with your evolving wishes is essential to financial wellness.

Mission Wealth helps our clients create and implement a plan so that their hard work will help the people in their lives and protect their legacy. Whether your goal is to leave your estate to heirs or charity, minimize taxes, or maximize lifetime giving, we are here to provide clarity and direction. Contact us below to get started with a free financial consultation.