Many people think of estate planning as a one-time event: create a will or trust, sign the documents, and move on.
However, effective estate planning is not a box to check; it's an ongoing process. Your family evolves. Your finances change. Your goals shift. A plan that was appropriate five or ten years ago may no longer reflect your wishes today.
Why it matters
Life changes constantly — and often in ways that affect your plan
Even if your circumstances feel stable, laws and regulations change, and financial accounts may be updated without considering how they fit your overall plan. Common events that should prompt a review include:
Family
Marriage, divorce, remarriage, birth or adoption of a child or grandchild, or death of a family member
Financial
Significant changes in wealth, sale of a business, or a liquidity event
Responsibilities
Changes in family dynamics or new caregiving responsibilities
Legal
Major tax or estate law changes at the federal or state level
Common gaps
Most issues aren't caused by poor planning — they're caused by plans that haven't been updated.
Trusts that were never funded. Creating a trust is only the first step. Assets often need to be retitled or transferred into the trust for it to function properly — and many trusts are established but never fully funded.
Outdated beneficiary designations. Retirement accounts, life insurance policies, and certain investment accounts pass directly to named beneficiaries — bypassing your will or trust entirely. A single outdated designation can undo years of careful planning.
Fiduciaries who are no longer the right fit. The executor, trustee, or power of attorney you selected years ago may no longer be the best person for the role. Life circumstances change, and your selections may need to change as well.
Misalignment between intentions and reality. Without periodic review, what your estate plan actually accomplishes may no longer match what you intend.
Choosing the right people
Estate planning isn't just about documents — it's about people
Executors, trustees, powers of attorney, and healthcare agents may be responsible for carrying out your wishes and making important decisions on your behalf. When evaluating these roles, consider:
- Ability to manage financial and administrative responsibilities
- Availability and willingness to serve
- Sound judgment and decision-making skills
- Family dynamics and potential conflicts
- The right choice today may not be the right choice in the future.
Review checklist
Areas to revisit regularly
- Trusts properly funded
- Beneficiary designations reviewed
- Executors and trustees still appropriate
- Powers of attorney up to date
- Asset ownership and titling verified
- Family changes incorporated
- Estate documents reviewed with legal counsel
The advisor's role
Estate planning works best as a team effort
While your attorney drafts the legal documents, your financial advisor helps ensure your accounts, beneficiary designations, and overall financial strategy remain aligned with those documents over time. When all parties are working together, the result is a more effective and coordinated plan.
Your Bartholomew advisor can help identify potential gaps and coordinate with your estate planning attorney to keep everything aligned.
If it's been several years since you last reviewed your estate plan — or if you've experienced a major life change — it may be worth revisiting your strategy.
This material is for informational purposes only and should not be construed as legal or tax advice. Individuals should consult with their attorney, tax advisor, or other qualified professionals regarding their specific circumstances. Bartholomew & Company, Inc.