Estate Planning Checkup: Documents to Review Every Five Years

Why a five‑year checkup matters

Estate planning documents are not “set and forget.” Laws, family situations, finances, and assets change. A routine five‑year review helps catch problems that create delays, extra costs, or outcomes you wouldn’t want. In my 15 years advising clients, periodic updates prevented contested estates, corrected beneficiary errors, and kept fiduciary choices aligned with changing family dynamics.

Authoritative guidance stresses review after major events and periodically; for example, the IRS and legal experts recommend revisiting plans when assets or marital status change (see IRS guidance on estate tax and planning). For consumer-facing resources, the Consumer Financial Protection Bureau and American Bar Association offer checklists and explanations to help nonlawyers understand the process.

Core documents to review every five years

Below are the documents to assess and the practical questions to ask during a review.

1. Will

• Why review: Your will controls probate-distributed assets. If you’ve moved, married, divorced, had children, or acquired new significant assets, the will may no longer reflect your wishes.
• What to check: Executor/executrix named; guardian for minor children; specific gifts and residuary clause; language that survives divorce if that’s your intent; and whether beneficiaries’ contact information is current.
• Practical tip: If most assets are in a revocable trust or have beneficiary designations, the will may be a “pour‑over” will. Still check it for guardianship and residual gifts.

1. Revocable trust (living trust)

• Why review: Trusts can avoid probate, control distributions, and manage incapacity. Law changes or trust drafting errors can reduce effectiveness.
• What to check: Trust funding status (are assets correctly retitled to the trust?), successor trustee(s), distribution rules, and any outdated spendthrift or distribution provisions.
• See our deeper guide on trusts and when to decant or modify a trust for new law changes: Using Trusts to Preserve Private Wealth.

1. Durable power of attorney for finances

• Why review: This document gives someone authority to manage your finances if incapacitated. If your agent is deceased, estranged, or no longer capable, you need a new agent.
• What to check: Whether the power remains durable (effective upon incapacity), successor agents listed, and any limits (e.g., excluding sale of real estate). Confirm if state law changed definitions that affect agent authority.

1. Advance healthcare directive / healthcare proxy / living will

• Why review: Medical preferences, chosen agents, and end‑of‑life views can change. Healthcare law and hospital paperwork vary by state; some forms must match statutory language to be honored.
• What to check: Designated healthcare agent, alternate agents, treatment preferences, organ donation choices, and how the document interacts with any provider forms.
• For practical drafting differences, see Designating a Healthcare Proxy.

1. Beneficiary designations (retirement accounts, life insurance, transfer-on-death accounts)

• Why review: These designations override wills and can create unintended outcomes if out of date (ex: ex-spouse remains a beneficiary).
• What to check: Primary and contingent beneficiaries, per‑stirpes vs per‑capita designations, and whether trusts are named where appropriate for minor or special needs beneficiaries.
• Practical tip: When changing beneficiary designations, get written confirmation from the plan administrator and keep screenshots or copies.

1. Titling and ownership of assets

• Why review: How assets are titled (sole name, joint tenancy, community property, trust) affects probate and tax outcomes.
• What to check: Real estate deeds, brokerage accounts, and business interests to confirm alignment with your estate plan. Consider whether jointly held assets still reflect your goals.

1. Digital assets inventory and passwords

• Why review: Online accounts, crypto wallets, and subscription services may contain value or require direction for access and closure.
• What to check: Updated inventory, location of passwords or password manager access, and whether your executor or digital fiduciary has instructions and legal authority.

1. Letters of instruction and ethical will

• Why review: These nonlegal documents communicate personal values, funeral wishes, and guidance for executors and beneficiaries.
• What to check: Contact info for professionals (attorney, CPA), funeral preferences, and any charitable intentions. See our piece on communicating values alongside assets: Designing an Ethical Will: Communicating Values Alongside Assets.

When to review sooner than five years

Update documents immediately after these events:

• Marriage or divorce
• Birth or adoption of a child or grandchild
• Death of a named fiduciary or beneficiary
• Significant change in assets (sale of business, inheritances, large investment gains/losses)
• Move to a new state (state law differences can change validity or interpretation)
• Diagnosis of a serious illness or cognitive decline

How to run an effective five‑year checkup (step-by-step)

1. Gather: Collect current copies of all estate documents, account statements, deeds, beneficiary forms, and insurance policies.
2. Inventory: Make an asset list and note titling and beneficiary designations next to each item.
3. Interview: Talk to named fiduciaries to confirm willingness and capability to serve.
4. Update: Coordinate changes—retitling, beneficiary forms, or amendments—with your attorney and financial institutions.
5. Document changes: Keep updated, signed copies in a secure place (safe deposit box, encrypted cloud storage) and tell key people how to access them.

Common mistakes to avoid

• Assuming beneficiary forms match your will. They do not; beneficiary forms control.
• Forgetting to retitle assets into a trust, leaving the trust unfunded.
• Naming incapacitated or geographically distant agents without contingency plans.
• Using generic online forms without state‑specific language or attorney review when complex assets or family situations exist.

Cost considerations and professional help

• Legal review: For straightforward updates many attorneys charge a modest flat fee; complex estate revisions (tax planning, business succession, or special needs planning) can cost more.
• Financial planning: Coordinate with your financial advisor or CPA, particularly if assets have changed substantially or tax planning is needed.

In my practice, a five‑year schedule paired with a short review after major life events strikes the best balance between staying current and avoiding unnecessary legal costs.

Quick checklist (for a five‑year review)

• [ ] Current will? Executor, guardians named?
• [ ] Trust funding complete? Successor trustees listed?
• [ ] Durable power of attorney updated and effective?
• [ ] Healthcare proxy and advance directive current?
• [ ] Beneficiary designations checked and confirmed?
• [ ] Asset titles match estate plan?
• [ ] Digital assets inventoried?
• [ ] Fiduciaries contacted and willing?

Where to find reliable guidance

• IRS: estate tax and related guidance (search “estate tax” at https://www.irs.gov)
• Consumer Financial Protection Bureau: consumer guides on estate planning (https://www.consumerfinance.gov)
• American Bar Association: estate planning resources (https://www.americanbar.org)

Professional disclaimer

This article is educational and does not constitute legal, tax, or financial advice. Estate planning is state specific; consult a licensed estate planning attorney and your tax advisor to make changes that fit your situation.

Final action steps

1. Put a five‑year reminder on your calendar and note triggers for immediate review. 2. Assemble your documents now so you can run a quick inventory when the reminder arrives. 3. If your family situation or asset mix is complex, schedule an estate planning meeting with an attorney every three years instead of five.

For deeper reading inside FinHelp: see our guides on trusts and healthcare proxies linked above, and consult our glossary entry on selecting fiduciaries when you choose executors and agents.