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Spring Cleaning Your Estate Plan

April 28, 2026
Estate Planning
Financial advisor discussing estate planning documents with a senior couple in an office setting
Periodically reviewing your estate plan with a financial advisor is one way to consider whether your documents still align with your current circumstances and wishes.

By Jack Green, CFP®

Many people think of creating an estate plan as a one-and-done event. But life can be unpredictable, and as your circumstances change, so can your estate plan. 

It’s a good idea to periodically review your estate plan to verify that it still suits your needs. Follow this quick spring cleaning checklist to get started.

Review Key Documents

Wills and Trusts

Your “Last Will and Testament” is a document that can detail the distribution of non-beneficiary driven assets and assign roles and responsibilities for the wishes to be granted. Some key details to think about when revising or drafting a new Will are as follows:

  • The Executor of your estate
    • This is someone you trust to ensure your property and wishes are carried out as described in your Will.
  • Trustees (if a trust is established)
    • Someone who helps manage a trust for the beneficiaries, the Trustee’s goal is to ensure the trust is used as the decedent intended the assets to be used. 
  • Guardians
    • Guardians are people selected to take care of any minor children in the event you passed before their 18th birthday.
  • Beneficiaries
    • The individual or organization who will be inheriting assets; it is important to keep these up to date as life changes. Make sure the people listed are where you want assets to go. If a beneficiary has passed or you are divorced, confirm those beneficiaries still match your intentions. Additionally, consider naming both a primary beneficiary (can be more than one) and a contingent beneficiary (can be more than one).

For your Executor, Trustee, and Guardian: It’s often advisable to name at least one backup person or successor for each position; that way, someone else can step in if your first choice is unavailable.

Financial Powers of Attorney 

Your financial power of attorney document names someone to control your finances. This can be important for a multitude of reasons. The obvious one most folks think of is in the event you become incapacitated and are unable to keep up with bills, etc. Another event where an FPOA can be beneficial is for flexibility purposes; e.g., you need to sign a financial document but cannot be present in person. Your FPOA can sign on your behalf. Be mindful, there are different types of FPOAs (Durable vs. Springing), so be sure to choose the one that is most beneficial for you. 

Durable Power of Attorney: Effective immediately and remains in effect during incapacity

Springing Power of Attorney: Effective only upon a defined triggering event (e.g., if you become incapacitated)

Healthcare Powers of Attorney

Your healthcare power of attorney is someone who can manage medical decisions on your behalf. Normally paired with a “Living Will” that provides preferences on treatments, these can be Durable or Springing. For many, it is important to add a successor (backup) in the event the primary cannot follow through.

Healthcare Directives and Living Wills

These documents in an estate plan can outline your preferences for medical care if you become incapacitated. Although potentially morbid, they can be crucial to put in place to make it easier for your Healthcare Power of Attorney to make the decisions you want if you are incapacitated. 

Take Another Look at Asset Titling

If an asset is titled incorrectly, it may bypass your will or trust. In some cases, improperly titled assets ultimately end up with unintended recipients.

Here are a few tips for reviewing asset titling:

  • Verify that any assets structured as joint tenancy with right of survivorship are still in line with your preferences.
  • If you have a revocable living trust, confirm your accounts are titled in the name of the trust, as appropriate.
  • Check that transfer-on-death and payable-on-death designations are still compatible with your estate plan.
  • Confirm beneficiary designations, particularly on retirement accounts and life insurance policies.

Don’t forget to look at property deeds to determine whether a change in title would better suit your needs.

As a reminder, beneficiaries listed on retirement accounts, life insurance policies, etc., WILL PASS OUTSIDE OF YOUR WILL. Your assets will go to whomever is listed as a beneficiary on these types of accounts.

How Often to Review Your Estate Plan

It’s a good idea to conduct a full review of your estate plan every three to five years, or even sooner if you experience major life events like these:

  • Birth or adoption of a child or grandchild
  • Marriage or divorce
  • Major changes to finances or assets
  • Changes to state or federal tax laws
  • Death of a beneficiary or executor or legal representative (e.g., trustee, executor, etc.)

When it’s time to make a change, consider looking over your entire estate plan with your financial advisor.

Want to Discuss Your Estate Plan in More Detail?

Creating, reviewing, and managing your estate plan can be emotionally difficult. Whether you need to update an existing estate plan or create one for the first time, Thrive Wealth Management, LLC, is here to support you.

Through our holistic iThrive Life Planning Process™, we help you align your money with your goals as you work toward your vision of your future. If you want to know more about us and how we can help, contact us online. To schedule a meeting, call (215) 376-5530 or email jack@thrivewealth.com.

About Jack

Jack Green, CFP®, is a Relationship Manager at Thrive Wealth Management in Blue Bell, PA, where he supports financial planners with client service, plan building, and ongoing relationship management. Jack takes pride in his responsiveness and independence and helping clients create clear, stress-free plans. To learn more about Jack, connect with him on LinkedIn.

Disclosure:

This material is provided for informational and educational purposes only, should not be viewed as an exhaustive discussion of the topics presented, and should not be construed as individualized advice for any reader’s personal circumstances. For guidance on how these matters may impact your financial plan or investment portfolio, please contact your Thrive Wealth Management, LLC representative. While the information presented is believed to be factual and up to date, Thrive Wealth Management, LLC does not guarantee its accuracy and, due to various factors, including but not limited to changing laws and regulations, this information is subject to change. All expressions of opinion reflect the judgment of the authors as of the date of publication.  Thrive Wealth Management, LLC is not a law firm or an accounting firm, and no content contained herein should be construed as legal or accounting advice. Please consult with the qualified professional(s) of your choosing for legal and accounting advice.

Please visit https://thrivewealth.com/disclosure for additional information regarding the professional designations and credentials discussed. Professional designations and credentials do not guarantee success or any particular investment or financial outcome.

Past performance does not guarantee future results. All investing comes with risk, including risk of loss.