Having a fantastic estate plan does not mean much if you do not take steps to implement and maintain it. Just like your car, your estate plan requires maintenance. We have a few tips to help you keep your estate plan up to date.

Instructions from your Lawyer. During the estate planning process, your attorney might have given you instructions, which could address myriad topics. Most often, estate planning lawyers instruct their clients on properly executing documents, transferring assets to a living trust, and confirming and updating beneficiary designations, as well as recommending that they regularly review the estate plan.

Asset List. Maintaining a good asset list is one of the most helpful ways to keep your estate plan updated, enable you to spot potential issues, and give your successors a place to start should they have to take over management of your affairs. A complete asset list is an essential tool to assist your lawyer in advising you of the best estate plan for your unique circumstances. Keep your list in a secure location, along with your original estate planning documents. The list should include assets held in a revocable or irrevocable trust, jointly owned assets, assets held in your own name, and any entities of which you are a member or shareholder. It should also include enough information to identify your assets, all the owners of each one, and designated beneficiaries, if any. If desired, you can include a printout or screen shot of confirmation of ownership or beneficiary designations. Make sure that the successor trustee appointed in your trust agreement, as well as the agent appointed in your durable power of attorney, know where these documents are and how to access them when the time comes.

Beneficiary Designations. Beneficiary designations can seem like one of the most low-maintenance items in your estate plan. You simply need to update them and then you’re good to go, right? Maybe. Sometimes, if a company changes hands or your financial advisor becomes a new entity, then beneficiary designations might get lost in the shuffle. If you become aware of any change in your advisor or the company that manages your assets, make sure to confirm that your beneficiary designations remain in effect and are on file. This is a good time to verify the proper people are named and obtain written confirmation.

Change in Family, Beneficiaries, or Advisors. Estate plans anticipate certain common contingencies, but they might not cover all situations. For example, if one of your beneficiaries should win the lottery and you wish to adjust distributions from your estate to shift assets to others, you will have to assess your estate planning documents and update them to reflect your new wishes. Another scenario that might not be covered is a beneficiary who suffers mental health or drug addiction issues. You can manage that person’s inheritance differently to ensure the assets will be protected for the individual, but that might require an update to your documents. Another issue can be the death, incapacity, or change in relationship of your fiduciaries or beneficiaries. If the persons you have named to act or to receive your assets are deceased or incapacitated, your documents may provide a method to appoint a new fiduciary or direct how a beneficiary’s share is to be distributed, but that might not be your ideal solution. With any joint estate planning, when the first member passes away, the survivor(s) should call the lawyer right away to make sure they are on top of any necessary decisions or deadlines.

Change in Financial Circumstances. Has your net worth changed dramatically in one direction or another? Did you receive an inheritance? Has the character of your assets altered over time? Have you moved to a new state? These life changes, as well as others, deserve some careful thought about whether you ought to update the planning that you’ve already done or the way your assets are distributed. If you have a trust, you might want to ensure that newly acquired assets are titled appropriately in order to avoid a probate proceeding.

Declining Health or Changes in Health Care. A change in your health or the health of anyone named in your estate plan may necessitate an update. Are the people you named under an advance directive or a health care power of attorney still available or the most appropriate person(s) to make health care decisions for you if you become unable? Alternatively, are any of the people named in your documents experiencing failing health such that he or she is no longer an appropriate person for the job? If you make changes to your health care document, you might want to furnish a copy of the updated document to your named health care representatives or your medical providers. If you change health care providers, you may also want to make sure that any new providers have a copy of your health care directive, if you wish to share.

Routine Checkups. Regardless of whether you’ve experienced any changes in your life, your finances, your family, your advisors, or your health, you should take your estate planning documents out at least every few years and review the choices you made earlier. You might be inspired to make a change simply by reading through the plan and considering how it fits with your current goals.

Regardless of how long it’s been since you completed your planning, staying on top of maintenance will make administering your estate plan much easier.

This article summarizes aspects of the law and does not constitute legal advice. For legal advice with regard to your situation, you should contact an attorney.