Estate planning isn’t something you complete once and forget. Just like your finances, family dynamics, and even the law itself, your estate plan should evolve over time. That’s why performing an annual estate plan review is one of the most valuable steps you can take to protect your legacy and ensure your wishes are carried out exactly as intended.
For families in Sarasota and Bradenton, this simple habit can prevent future headaches, avoid unnecessary court involvement, and ensure your loved ones are taken care of, no matter what life brings. Whether you’ve created a will, established living trusts, or designated powers of attorney, reviewing these documents regularly is essential.
In this guide, we’ll walk through a detailed estate plan review checklist, discuss what to update and why, and explain when to contact a trusted Bradenton estate planning attorney for peace of mind.
Why Annual Reviews Matter
Your estate plan reflects your current life situation, so if your life changes, your plan should too. Events such as a birth, marriage, divorce, death in the family, or even a new financial investment can affect the way your estate should be structured.
Here’s why reviewing your estate plan annually is a smart move:
- Keeps everything legally valid and up-to-date
- Ensures your chosen representatives are still the best fit
- Protects beneficiaries from unintended consequences
- Reduces the risk of probate complications
- Aligns with current Florida and federal estate laws
Even if no major life event occurred this year, subtle changes in your financial picture or updates in the law may still warrant a refresh.
Your Estate Plan Review Checklist
1. Review Your Will
Start with the foundation: your last will and testament.
Ask yourself:
- Do your beneficiaries still reflect your wishes?
- Is your executor still willing and capable?
- Have you listed all your current assets?
- Have you added or lost any family members?
- Does your will align with your current marital or parental status?
If any of these areas are outdated or unclear, it’s time to update your will with an estate planning attorney in Sarasota.
2. Check Your Living Trusts
Living trusts are a great way to manage and distribute your assets while avoiding probate—but only if they’re properly maintained.
Make sure to:
- Verify that new assets (property, investments, bank accounts) have been transferred into the trust.
- Review your trustee and successor trustee appointments—are they still your ideal choices?
- Confirm that your trust terms still match your goals (e.g., distribution ages for children, specific gifts, charitable donations).
- Update any contact or personal information that has changed.
If your trust has not been reviewed in more than two years, or if you’ve purchased property recently, consult with an estate planning attorney to ensure your trust is properly funded and aligned with Florida law. Learn more about living trusts here.
3. Evaluate Your Powers of Attorney
You should have two primary powers of attorney in your estate plan:
- Durable Financial Power of Attorney – This grants someone the authority to manage your financial affairs if you become incapacitated.
- Health Care Surrogate – This allows someone to make medical decisions on your behalf.
Questions to ask during your review:
- Is the person you’ve named still the best choice?
- Are your documents properly executed under current Florida statutes?
- Have you moved to Florida from another state (where your prior POA may not be recognized)?
Updating your powers of attorney ensures that there are no delays in decision-making if an emergency arises. If these documents are more than five years old, it’s a good idea to have them reviewed by an estate planning attorney Sarasota trusts.
4. Update Beneficiary Designations
Certain assets pass outside your will or trust—meaning your estate plan won’t govern them. These include:
- Life insurance policies
- Retirement accounts (IRAs, 401(k)s)
- Payable-on-death (POD) and transfer-on-death (TOD) accounts
Make sure to:
- Confirm your primary and contingent beneficiaries are still accurate.
- Ensure consistency across your estate planning documents—your will and trust should not conflict with your designated beneficiaries.
- Remove former spouses or deceased individuals.
Even a small inconsistency here can create major delays or disputes, so this step is critical.
5. Reassess Guardianship and Dependent Provisions
If you have minor children or dependents with special needs, review your guardianship appointments and provisions in your will or trust.
Consider:
- Have circumstances changed for the person you’ve chosen as guardian?
- Do your dependents have new financial or medical needs?
- Would establishing or updating a special needs trust be appropriate?
Protecting your child’s future means ensuring their physical and financial care is always covered.
6. Review Real Estate Holdings and Titles
Did you:
- Buy or sell any property this year?
- Add a co-owner to a property deed?
- Refinance your home?
Real estate is one of the most commonly mishandled estate planning assets. You’ll want to:
- Confirm your real estate is titled properly (especially if it should be held in your living trust).
- Ensure out-of-state property is addressed—possibly with the help of an ancillary probate attorney if needed.
7. Assess Tax Law Changes
Tax codes can shift annually. Depending on your asset level and estate size, you may need to make strategic changes to reduce estate or inheritance tax exposure.
A Bradenton estate planning attorney can help you:
- Understand current federal estate tax limits
- Explore charitable giving strategies
- Adjust your trust structure to take advantage of tax-saving provisions
Even if taxes aren’t a major concern today, staying ahead of these changes ensures your estate is protected in the long run.
8. Store and Share Your Documents Securely
Your estate plan won’t work if no one can find it.
Each year, verify that:
- Your original documents are stored in a safe yet accessible location
- Trusted individuals (executor, attorney, successor trustee, surrogate) know where and how to access them
- You have a secure digital backup, if appropriate
When to Call a Bradenton Estate Planning Attorney
Not every change requires an attorney, but many do. Consider reaching out if:
- You’ve experienced a major life event (marriage, divorce, birth, death)
- Your estate has grown significantly
- You’re unsure whether your living trust is properly funded
- Your documents are more than 3–5 years old
- You’ve moved to Florida from another state
At Scovills, our team helps Florida families stay prepared, updated, and protected with estate plans tailored to evolving needs. Learn more about our estate planning services.
Final Thoughts
An outdated estate plan can lead to confusion, unnecessary costs, and even unintended consequences for the people you care about most. But a quick annual review can ensure that your wishes are clear, your documents are effective, and your loved ones are protected.
Use this checklist as a guide, and don’t hesitate to reach out to an estate planning attorney in Sarasota to help you navigate complex updates.
Your future changes every year—your estate plan should too.
