Just Like You Need a Medical Checkup, Your Estate Plan Needs a Checkup

Creating an estate plan is one of the most important steps any adult can take — but it isn’t a one-and-done project. Just like your annual physical or a regular review with your financial advisor, your estate plan needs periodic checkups to make sure it still fits your life, reflects your wishes, and will protect your family when it matters most.

Why You Need an Estate Plan (Even If You’re Not “Wealthy”)

If you don’t yet have an estate plan, now is the perfect time to create one. Without clear legal documents in place:
- The court may need to appoint someone to make medical or financial decisions for you if you become incapacitated.
- Your loved ones may face probate — a public, time-consuming, and sometimes costly court process.
- State law will decide who gets your property, not you.
- Inheritances will be distributed outright, with no protections for beneficiaries.

Estate planning is not just for high-asset families. Anyone with minor children, a home, a retirement account, or loved ones they want to protect needs a plan. A well-designed estate plan also names who will care for you and manage your finances if you ever can’t.

Is Your Estate Plan Outdated? Check the Date.

If you already have an estate plan, grab your documents and look for the last time they were updated. If it’s been more than three to five years, your plan may no longer reflect your family situation, financial life, Minnesota or federal law changes, or your wishes.

Life changes quickly. Even a plan created one year ago may not fit today if you’ve:
- Married, divorced, or lost a spouse
- Welcomed a child or grandchild
- Moved to a new home — especially across state lines
- Started or sold a business
- Retired or received an inheritance

Essential Documents and Designations to Review

When reviewing your estate plan, look beyond your will or trust. Review:
- Powers of Attorney (financial and medical)
- Beneficiary designations (retirement accounts, life insurance, annuities)
- Digital assets (online accounts, photos, cryptocurrency, social media)

Reasons to Review Your Estate Plan

- Marriage or divorce
- New children or grandchildren
- Moving into or out of Minnesota
- Buying or selling property
- Business changes
- Tax or estate law updates
- Changes in finances or health

Use our Estate Planning Deficiencies Check Up to see whether you need a review.

Estate Planning Isn’t a One-Time Task

Your estate plan should evolve with your life. Regular updates keep your plan compliant, protective, and aligned with your goals.

Minnesota Estate Plan Checkup: FAQs
How often should I update my estate plan?
Every 3–5 years or after a major life change.

Do beneficiary designations override my will?
Yes — they pass directly to the named beneficiaries.

Does Minnesota have special estate tax rules?
Yes. Minnesota has a $3 million estate tax exemption.

What happens if I don’t update my documents?
Your plan may no longer reflect your wishes, creating complications for your family.

Ready for Peace of Mind?

Whether you need a full estate plan or a quick refresh, we’re here to help keep your plan current and protective.

To learn more about estate planning, keep an eye on our Events page located at: https://www.wagnerlegalmn.com/events/.

If you’re ready to start being proactive about your estate plan, contact us to get started.

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