Mid-Year Estate Planning Checklist: 5 Documents Every Family Should Review
Estate planning is the financial task that most people complete once — and then file away and never look at again. The problem is that life keeps moving. Laws change. Relationships change. Assets change. And an estate plan that reflected your life in 2019 may bear very little resemblance to your life in 2026.
As a wealth management advisor serving Hillsboro Beach, Pompano Beach, Boca Raton, and Broward County, mid-year is a natural moment to pull these documents out of the file drawer and make sure they still say what you intend them to say.
Here are the five estate planning documents every family should review right now.
1. Your Will
Your will determines how your assets are distributed after your death and — critically — who is responsible for the care of any minor children. If your will was drafted before a marriage, divorce, birth, death of a named beneficiary, or significant change in assets, it needs to be reviewed.
Common will review triggers: a child born since the last update, a named guardian who is no longer an appropriate choice, an executor who has predeceased you, or assets that have grown significantly and may require updated distribution instructions.
2. Beneficiary Designations
This is the most commonly overlooked document in estate planning — and arguably the most important. Beneficiary designations on IRAs, 401(k)s, life insurance policies, and annuities supersede your will entirely.
If your IRA still lists an ex-spouse as primary beneficiary, that ex-spouse receives the IRA. Full stop. Your will cannot override it. Mid-year is the time to log into every financial account and verify that every beneficiary designation reflects your current wishes.
3. Power of Attorney
A durable power of attorney designates who can make financial decisions on your behalf if you become incapacitated. Without one, your family may need to go through a costly and time-consuming court process to obtain legal authority to manage your affairs.
Review your POA to confirm: Is the named agent still someone you trust completely? Is their contact information current? Has Florida updated its POA requirements since your document was drafted?
4. Healthcare Directive / Living Will
A healthcare directive documents your wishes regarding medical treatment if you cannot communicate them yourself. It also typically designates a healthcare proxy authorized to make medical decisions on your behalf.
For Florida residents — including those in Hillsboro Beach and the surrounding Broward County communities — healthcare directives are state-specific documents. If you've moved to Florida from another state and haven't updated your directive to comply with Florida law, a review with a local estate planning attorney is strongly advisable.
5. Trust Documents
If you have a revocable living trust, a review should confirm that all intended assets have been properly titled in the name of the trust — a step called "funding" the trust that is frequently incomplete. An unfunded trust provides no protection and no benefit.
Also review: Is the named trustee and successor trustee still appropriate? Have any major assets been acquired since the trust was created that need to be added?
Time is your most valuable asset. Make sure the people you love know exactly what you intended.
This post is for educational purposes only and does not constitute investment, tax, or legal advice. Please consult a qualified professional regarding your individual circumstances.