As we reach the halfway point of the year, it’s a great time to pause and reflect—not just on personal or professional goals, but also on your estate plan. Life moves quickly, and significant changes can happen in just a few short months.

A mid-year review of your estate plan helps ensure your documents and wishes are still in step with your current circumstances, family needs, and financial goals.

Why an Estate Plan Isn’t “Set It and Forget It”

An estate plan is a living set of documents designed to evolve alongside your life. While it may have been perfectly aligned when it was created, even minor life changes can create gaps or conflicts in your plan.

A new baby in the family, marriage, divorce, retirement, a change in health status, or the purchase or sale of major assets can all be good reasons to review and revise your estate plan.

Mid-year is the perfect time to take a fresh look, especially before the hectic end-of-year season sets in.

Key Areas to Review

Here are a few important components to revisit during your mid-year check-in:

 1. Beneficiaries and Fiduciaries
Double-check that your named beneficiaries. When you name a beneficiary on an account, such as a life insurance policy and retirement accounts, you are essentially signing a contract with the financial institution that holds that account.

That financial institution is OBLIGATED to give that account to the named beneficiary, even if you have changed your Will or that person is no longer in your life. It is essential to review your beneficiary designations regularly and update them as needed.

It is also necessary to periodically review your Last Will and Testament and any trusts you have created to make sure the named beneficiaries match your wishes. While you’re reviewing those documents, we also recommend that you review the people you’ve chosen to serve as executor, trustee, guardian, or healthcare proxy. Are they still the best choices? Are they willing and able to serve?

 2. Assets and Property
If you’ve acquired or sold property, opened new financial accounts, or made significant investments, those changes may need to be reflected in your estate plan. A trust may need to be funded with new assets, or your will might need to be updated to include or remove specific items.

 3. Legal Documents and Provisions
Laws change, and so do best practices. Your estate planning attorney can advise you if your documents are still compliant with state law or if new legal tools might offer you better protection, especially regarding taxes, incapacity, or long-term care.

 4. Goals and Priorities
Estate planning isn’t only about distributing property. It’s also about protecting your loved ones and preserving your legacy. Do your current documents reflect your values and goals? Are there new charitable interests or family needs that should be considered?

Don’t Forget To Protect Yourself

Your estate plan should also include documents that ensure that your wishes are followed during your lifetime. A Will only comes into play after your death. Still, during your lifetime, if you become unable to express your wishes for yourself, you should ensure that the people you trust the most to have your best interests in mind have the legal authority to act for you.

This means that your Advance Healthcare Directive and Power of Attorney should also be reviewed to make sure they reflect your current wishes and name the right people to act on your behalf. If your health or family dynamics have changed, these documents may need updating as well.

Partner with a Professional

A mid-year check-in doesn’t have to be overwhelming. Partnering with an experienced estate planning attorney can help you navigate updates, flag potential issues, and ensure that your plan still reflects your wishes and protects the people you care about most.

Final Thought

Your life changes, and your estate plan should too. Taking a few moments mid-year to review your documents can give you peace of mind for the rest of the year and beyond.