Council Post: Reviewing Your Financial and Estate Planning Checklist

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Before talking about the review of your financial and estate planning checklist, do you have a plan up front for the event of incapacitation or death? It is a very difficult thing to plan for but the earlier the better as it will save you and those who care about you much stress in the case of a sudden incident which renders you incapacitated.

Estate planning is inarguably a complex process. Even with the help and assistance of professionals such as a financial adviser, an attorney, etc. it could still be a tedious process. One thing that is certain with estate planning is that it is never truly completed. As time goes by, many things change and these changes might need to reflect on your estate plan. This leaves you with the responsibility to always make sure that your plan is in order and it is up to date.  In order to keep your estate plan up to date, a checklist will be of great advantage to you especially when it comes to reviewing of your estate plan documents.

Is an estate plan necessary?

 We can’t over emphasize the importance of making an estate plan. Though nobody plans to die any time soon, it is something that will surely happen to each and every one of us.

There is a common misconception that estate planning is only for the wealthy in the society. This is not true in as much as you have something you would like to give to a loved one or charity at the event of your passing. No matter how little your asset might be it is very important you plan on how it will be distributed when the time eventually comes.

So it is very necessary to plan your estate and it is even more important to plan it on time.

Reasons to keep your estate plan updated

There are various reasons why you need to keep your estate plan up to date. An up to date estate plan saves you from encountering avoidable mistakes.

  • Avoiding the mistake of 0mission

The preparation of an estate plan involves the filing of many documents. This process can be so exhausting that is very easy for you to omit a document. As these documents are many, they each are important. Omitting any of these documents might pose a big problem in the future. This is where reviewing and updating your estate plan on a regular basis with a checklist come into play. Your checklist will make sure your entire needed documents are present.

  • Changes in event

Time is dynamic. You can’t predict what comes next after now. This is one important reason why constantly updating your estate plan is important.

Making an estate plan is just the first step among others. As time changes, so does your estate along with it. As your estate changes, it is wise for you to keep updating your estate plan alongside it. For instance, you could get married or divorce, you could acquire a new asset, a grandchild might be born into the family, and you might see the need to include a new beneficiary into your last will and testament. So there are a whole lot of possibilities that should make you constantly review and update your estate plan.

Checklist for estate planning document

Generally the following documents are expected to be found in an estate planning checklist.

  • Will
  • Trust
  • Durable power of attorney
  • Health care proxy


  • Ensure you confirm that you have appropriately named everyone who you intend to benefit from your estate. Also ensure your intention as to what they each get is spelt out clearly and appropriately.
  • Ensure you have carefully selected an executor and an alternative. Make sure they are well informed of their role.


  • Make sure your chosen trustee is someone you are comfortable with even after your passing.
  • Make sure to discuss all your trust decisions with your attorney.

Durable power of attorney

  • This is a very sensitive position as your chosen power of attorney has the legal right to sell, distribute your assets in the case of incapacitation. So make sure you are certain of whomever you appoint for this position.

Health care proxy

  • This is another delicate position as your named heath care attorney will be in charge of making decisions regarding your health in the event of incapacitation.

For consultation and hire, our attorneys are available around the clock. Reach to us today.

DISCLAIMER: The information provided in this blog is for informational purposes only and should not be considered legal advice. The content of this blog may not reflect the most current legal developments. No attorney-client relationship is formed by reading this blog or contacting Morgan Legal Group.

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