Annual Review
Life Plan Review: Keeping Your Plans Current
Life doesn't stand still — and your planning shouldn't either. A regular review of your life plan ensures everything still reflects your wishes, your situation, and the latest rules and options available to you.
Download the Free Life Planning GuideWhy Your Plan Needs Regular Review
Life doesn't stand still — and your planning shouldn't either. A good rule of thumb is to review your life plan at least every five years, or sooner if there's a major change like a move, health shift, or change in finances or family.
Laws, tax rules, and your personal priorities can all evolve over time. What made sense a few years ago may no longer fit your situation.
Taking a little time to revisit your plan ensures everything stays current, your wishes are clearly reflected, and your family isn't left dealing with outdated or incomplete decisions.
When to Review Your Plan
Beyond the five-year schedule, certain life events should trigger an immediate review. Here are the most common ones:
Major Move
Moving to a new county or state can affect Medi-Cal eligibility, property taxes, estate laws, and your access to local services and care providers.
Health Change
A new diagnosis or change in function may affect your insurance needs, care preferences, advance directive, or financial planning for long-term care.
Family Change
Marriage, divorce, the death of a spouse or beneficiary, or the birth of a grandchild are all reasons to revisit your will, trust, and beneficiary designations.
Financial Change
Significant gains or losses in assets, a major inheritance, or changes in income can affect your estate plan, insurance needs, and investment strategy.
Law or Tax Changes
Changes to California or federal tax law, estate exemption limits, or Medi-Cal asset rules can affect the effectiveness of your current plan.
Every 5 Years
Even without a major event, a regular five-year review keeps your plan aligned with your current wishes and ensures nothing has been overlooked.
What to Cover in Your Review
A thorough life plan review touches all the major areas of your financial and personal planning. Here's what to go through each time:
Estate Documents
Confirm your will, trust, and power of attorney still reflect your wishes. Verify beneficiary designations on retirement accounts and life insurance — these override your will and must be kept current.
Health Directives
Review your Advance Health Care Directive and HIPAA authorization. Confirm your health care agent is still the right person and still willing to serve in that role.
Insurance Coverage
Review life insurance, long-term care insurance, and Medicare plan elections. Make sure coverage still meets your needs — and check if any plans have changed their benefits or costs.
Financial Plan
Review your investment strategy with your asset manager. Confirm your income sources, expenses, and withdrawal rate are sustainable. Update your plan for any changes in Social Security or pension income.
Outdated documents can lead to unintended consequences — assets going to the wrong person, a health care agent who can no longer serve, or an estate plan that no longer makes financial sense. A regular review, ideally with your attorney and financial advisor together, is one of the most valuable things you can do for your family's future.