Important Document Review: What to Check Annually

Important documents need periodic review. Circumstances change, information becomes outdated, and documents you filed years ago may no longer reflect your wishes or situation.

Documents to Review

Legal:

• Will and testament
• Power of attorney
• Healthcare directive / living will
• Trust documents

Financial:

• Insurance policies (life, home, auto)
• Beneficiary designations (retirement accounts, life insurance)
• Investment account statements
• Debt documentation

Personal:

• Emergency contacts
• Medical information
• Pet care instructions
• Digital asset inventory

Property:

• Deeds and titles
• Lease agreements
• Vehicle registrations

What Changes Trigger Review

Life events:

• Marriage or divorce
• Birth of children
• Death of beneficiary or executor
• Significant change in assets
• Moving to a new state/country
• Change in health status

Annual review regardless:

• Contact information still current?
• Beneficiaries still appropriate?
• Executor/agents still willing and able?
• Insurance coverage still adequate?

The Will Problem

Many people create a will and never update it. Common issues:

• Named executor has died or is incapacitated
• Beneficiaries have changed (divorce, estrangement, new children)
• Assets have changed (property sold, new accounts opened)
• Laws have changed (especially if you've moved)

A will that doesn't reflect your current wishes may be worse than no will at all.

Beneficiary Designations

Beneficiary designations on retirement accounts and life insurance override your will. If your will says one thing and your beneficiary designation says another, the designation wins.

Check these annually:

• 401(k) / pension
• IRA / ISA
• Life insurance
• Bank accounts with POD (payable on death)

Storage and Access

Physical documents:

• Fireproof safe at home
• Safe deposit box (but consider access issues after death)
• With your solicitor/attorney

Digital copies:

• Encrypted cloud storage
• Password manager secure notes
• Shared with trusted family member

Access instructions:

• Does someone know where documents are?
• Can they access them when needed?
• Are passwords/combinations documented securely?

The Annual Review

Set aside an hour once a year:

1. Locate all important documents
2. Verify information is current
3. Update anything outdated
4. Confirm storage is secure
5. Ensure someone knows where to find things

Add it to your tasks. We'll remind you annually.