Is It Time for an Estate Plan Review? Here’s What to Look For

When was the last time you peeked inside your estate planning binder? Life keeps moving, and those signed pages need to keep pace.

At Foust & Foust, PLLC, we create plans that fit families across Tennessee, but even the best draft can drift out of date. This article walks you through simple checkpoints so you can tell whether it is time to freshen up your documents and safeguard everything you have worked for.

Why Regular Estate Plan Reviews Are Essential

An estate plan is not a set-and-forget project. Assets grow, families change, and new laws arrive, so a periodic review acts like routine maintenance for a home. Most attorneys suggest reading through the entire plan every two or three years or right after any major life shift.

This steady rhythm brings peace of mind. You know the paperwork still matches your wishes, and loved ones will not hunt for missing signatures or wrong beneficiary names during an already stressful time.

Key Components to Review in Your Estate Plan

During a review, give each document a quick but thoughtful inspection. The focus is simple: confirm people named in your plan can still serve, and confirm assets will reach the right hands at the right time.

Reviewing Your Will

The will directs asset distribution through probate. First, confirm that the named executor is still willing, able, and geographically close enough to handle court filings and bill payments.

Next, read each gift and bequest. If marriages, divorces, births, or deaths have shifted family lines, adjust the language so no one is left out or favored by accident. Parents should also verify that any guardian for minor children is still the best choice and has agreed to the role.

Finally, make sure the will is fully signed, witnessed, and stored in a spot your executor can reach quickly.

Reviewing Trusts and Trust Provisions

Trusts often sit at the center of a plan because they can bypass probate. Ask yourself whether the purpose of an existing trust is still relevant. For example, a minor-child support trust may no longer be needed once the youngest turns 25.

Then, look at trustee appointments. A friend who was perfect a decade ago may have moved abroad or slowed down. Corporate trustees can change fee structures, so compare their current services with initial expectations.

Take a moment to confirm asset titling. If a bank account or deed never made it into the trust, probate might be triggered despite your best efforts.

Reviewing Durable Powers of Attorney

The financial power of attorney lets another person act for you if an accident or illness strikes. Confirm that your chosen agent understands money matters and still lives close enough to sign tax returns, handle real estate, or speak with investment advisers.

Name a backup in case the primary agent steps down. Also, ask your lawyer whether the form follows the latest Tennessee statutes; many banks turn away outdated versions.

Reviewing Health Care Powers of Attorney and Advance Medical Directives

Medical decision-making documents deserve careful attention. Confirm that the named health care agent and alternate are reachable and still willing to follow your directions regarding life support, pain relief, and organ donation.

Review the directive language to verify it matches current wishes. Medical technology evolves, and personal values may shift after witnessing a loved one’s illness. A brief chat with your physician can help align the choices with current treatment options.

Reviewing Beneficiary Designations

Life insurance, 401(k)s, IRAs, and brokerage accounts often bypass the will entirely, making beneficiary forms just as valuable as the will itself. Pull copies of every form, even old workplace plans, and confirm spelling, percentages, and contingent beneficiaries.

Make sure these designations do not conflict with the terms of your trust. A mismatch can unravel the best tax planning and create delays for heirs.

Significant Life Events That Trigger an Estate Plan Review

While a two-year calendar reminder helps, some events demand immediate attention. If any item below sounds familiar, call your planning team right away:

• Marriage or remarriage affects beneficiary choices and spousal rights.
• Divorce calls for the removal of a former spouse from documents and policies.
• The birth or adoption of a child raises guardianship and trust questions.
• Death of a beneficiary, executor, trustee, or guardian, leaving a vacancy.
• Job change, promotion, or layoff, each altering income, benefits, and savings plans.
• Retirement, shifting focus from asset growth to income distribution.
• Moving to another state since probate and tax rules differ widely.
• Receiving an inheritance or a large bonus can push an estate into the taxable range.
• Federal or state tax law updates that open fresh planning opportunities or create new exposure.

Addressing these events quickly avoids future disputes and keeps your plan efficient.

Asset Titling and Trust Funding

Proper titling keeps assets out of probate and within the management of your trust. Review every deed, vehicle title, and account statement to confirm the owner line matches the trust name or lists a transfer-on-death beneficiary.

Some families add TOD language to brokerage accounts that are kept outside a trust for investment reasons. Just double-check that the TOD recipient meshes with larger planning goals and will not disrupt equal shares among children.

Real estate poses a particular challenge. Rental property often belongs in a limited liability company for lawsuit protection. If you hold an LLC, remember that the membership units, not the deed itself, should sit inside your trust.

Additional Considerations

Estate planning extends beyond your own paperwork. Adult children over 18 should sign simple powers of attorney so parents can assist during emergencies at college or while traveling abroad.

Many families also pick funeral options in advance and even set aside funds with a local provider. This small act spares loved ones from hurried decisions during a tough week.

Finally, gather passwords, account lists, and insurance details in one secure spot. A locked drawer or encrypted digital vault works; the goal is to save your executor days of detective work.

Estate Plan Review Timeline at a Glance

The table below offers an easy schedule and notes for each review point.

Keeping this chart handy makes the review process quick and repeatable.

Ensure Your Legacy: Contact Foust & Foust, PLLC, Today

Your estate plan should match the life you live today, not the life you led ten years ago. If any section above raised a question, feel free to call us at 865-203-4041 or send a note through our Contact Us page. The team at Foust & Foust, PLLC, stands ready to refresh wills, trusts, and all supporting documents so your family stays protected. A short review session can remove doubt and set you on a clear path forward.