To be as effective as possible, your estate plan must be reviewed and updated regularly. The following 24 questions can help you determine whether or not it is time to review your estate plan, and if so, what areas you should focus on.

  
  My Current Estate Plan...
If you answer "no" to any of the following questions, consider reviewing these areas of your estate plan.
  
 

1.

   If I have a living trust, have I transferred title to all my assets to the trust?
  
 
2.
   Have I continued to take advantage of the unlimited marital deduction?
  
 
3.
   Does my estate plan take advantage of 1999's increased unified credit exemption equivalent of $650,000?
  
 
4.
   If my spouse and I have more than $1.3 million in assets, have we divided those assets into both our names, each taking at least $650,000?
  
 
5.
   Have I been taking advantage of the $10,000 annual gift tax exclusion?
  
 
6.
   Do I have a health care power of attorney or a living will that reflects my wishes about life support treatment?
  
 
7.
   Do I have a health care power of attorney or a living will that reflects my wishes about life support treatment?
  
  Since My Last Review...
If you answer "yes" to any of the following questions, it is probably time to review your estate plan.
  
 

8.

   Am I five years older?
  
 
9.
   Have I married, divorced, separated or been widowed?
  
 
10.
   Have I become a parent?
  
 
11.
   Have I become a grandparent, and, if so, do I want to include my grandchildren in my estate plan and take advantage of generation-skipping transfer tax planning?
  
 
12.
   Have I received an inheritance or am I likely to receive one in the near future?
  
 
13.
   Do I anticipate any creditor problems (including marital claims) involving myself, my spouse or my children?
  
 
14.
   Do I anticipate anyone challenging or contesting my estate plan?
  
 
15.
   Have I moved to another state?
  
  Life Insurance
If you answer "no" to any of the following questions, you may want to revisit the role life insurance could plan in your estate plan.
  
 

16.

   Do I know the total value of my estate?
 
 
17.
   Is there sufficient equity in my assets to pay estate taxes and protect my family after my death?
  
 
18.
   Do I have sufficient liquidity in my estate to pay estate taxes?
  
 
19.
   Are my beneficiary designations consistent with my will or living trust?
  
  Qualified Benefit Plans
If you answer "no" to any of the following questions, review the effect of retirement benefits on your estate plan.
  
 

20.

   Have I considered how the growth of my benefits under my profit-sharing plan, pension plan or individual retirement account (IRA) could affect my estate plan?
  
 
21.
  

Have I considered how the repeal of the excise tax on excess retirement plan distributions and accumulations could affect my estate plan?

  
 
22.
  

Are my beneficiary designations consistent with my will or living trust?

  
 
23.
   Do I know how income and estate taxes will affect the benefits after my death?
  
 
24.
   Have I considered other types of plans, such as the new Roth IRA, that may better suit my goals?
  
 

It May Be Time For A Review
A review of your estate plan need not involve a lot of time and money. If all is in order, you have the peace of mind of confirming this. If there is a problem, a way to do things better or a way to save your family taxes, now is the time to learn about it.