Questions to Consider When Reviewing Your Estate Plan: A Reflection Guide

When was the last time you thought deeply about your estate planning goals? As life changes, your wishes and priorities may shift. This guide provides essential questions to help you reflect on whether your current estate plan still aligns with your values and intentions.

Understanding Your Current Financial Philosophy

Take a moment to consider how you view the balance between enjoying your assets now and preserving them for others:

"Do I want to focus on enjoying my money during my lifetime?"
Consider whether your perspective has shifted on:

• Your comfort with spending versus saving
• The lifestyle you want to maintain
• Your feelings about leaving an inheritance

"Have my thoughts changed about leaving everything to my spouse or partner?"
Reflect on your relationship and circumstances:

• Has your relationship status changed?
• Do you want your common-law partner treated similarly to a married spouse?
• Have new family dynamics emerged that affect this decision?

Examining Family Relationships and Support

Think about how you want to provide for family members:

"Have my views on equal inheritance changed?"
Consider the complexities of family support:

• Do I still want my children to benefit equally?
• Have circumstances changed for any of my children?
• Are there new family members to consider?

"How do I feel about supporting education?"
Explore your goals for future generations:

• Do I want to contribute to my grandchildren's education?
• Should this support come during my lifetime or after?
• Has my capacity to provide educational support changed?

"Have I reconsidered the timing of inheritances?"
Think about when your beneficiaries should receive their inheritance:

• Am I concerned about early access to wealth?
• Have my beneficiaries demonstrated financial maturity?
• Would staged inheritance better serve my goals?

Reassessing Financial Management

Consider how your financial priorities may have evolved:

"Have my views on tax efficiency changed?"
Think about the balance between tax savings and other goals:

• Is minimizing taxes still a primary concern?
• Have new tax laws affected my planning?
• Do I understand the tax implications of my current plan?

"Do my business succession plans still make sense?"
For business owners, consider:

• Has the business landscape changed?
• Are my chosen successors still appropriate?
• Have my exit strategy preferences shifted?

Reviewing Personal Preferences

Reflect on your preferences for end-of-life matters:

"Have my wishes for final arrangements changed?"
Consider whether you still want:

• A simple memorial service
• Specific ceremonial elements
• Particular locations or settings

"Have my views on medical decisions evolved?"
Think about your healthcare preferences:

• Has my perspective on organ donation changed?
• Do I still feel the same about end-of-life care?
• Should I update my healthcare directives?

Contemplating Asset Control

Consider how you feel about managing your assets:

"Do I want to maintain control of my assets differently?"
Think about:

• Has my comfort with giving up control changed?
• Should I adjust how assets are managed?
• Have my views on trusts shifted?

"Am I more or less concerned about protecting my estate?"
Consider:

• Has my worry about will challenges increased?
• Do I need stronger asset protection?
• Should I adjust my estate's structure?

Evaluating Communication Preferences

Reflect on how you want to discuss your plans:

"Have my views on family discussions changed?"
Consider:

• Am I more open to discussing my plans?
• Should I share more details with family?
• Have family dynamics shifted requiring different approaches?

Thinking About Organization

Consider your approach to estate organization:

"Do I need to improve my estate's organization?"
Think about:

• Are my records easily accessible?
• Have I documented recent changes?
• Will my executor understand my plans?

Moving Forward

Remember that questioning your current plan doesn't mean it needs wholesale changes. Sometimes reflection confirms your choices are still right for you. Other times, you'll identify areas needing updates.

Consider scheduling regular times to ask yourself these questions, perhaps annually or after significant life events. Your answers will help guide conversations with your estate planning professionals and ensure your plan continues to reflect your true wishes.

Want a structured approach to reviewing your estate plan? Download our reflective questionnaire and estate plan review guide. Connect with estate planning professionals who can help you translate your answers into an updated plan that truly reflects your current wishes.

Disclaimer: This content is for informational purposes only and does not constitute professional financial, legal, or medical advice. Always consult with qualified professionals for guidance specific to your individual circumstances.