When was the last time you went through your estate plan? Has anything in your life changed since then? Since I am fresh from assisting two people through this, let me comment on two frequently overlooked items.
First, your Will does not determine the recipient of your retirement accounts when you pass away. These accounts can only be assigned to the people that your retirement account administrator has in their records. Please call the company and have them mail to you who they currently have on file as your current beneficiaries are so there are no surprises. For example, you may discover that your beneficiary is an ex-spouse, a relative who has passed away, or a non-profit that no longer exists.
Second, a year does not pass without Washington making a dozen laws effecting estate planning: trusts, taxes, exemptions, caps, and a maze of other events. While you are updating your estate plan each year for changes in your circumstances and wishes, you also want to make certain that elements are not obsolete or incorrect based on current law.
Every year there is a celebrity that passes away and estate lawyers show how what they did was structured so poorly that they needlessly paid far too much in taxes, gaps were left to allow a Will to be unnecessarily contested, and some of the beneficiaries were accidentally cut out.
Do yourself and your loved ones a favor and periodically review your estate plan to keep it current and correct.