Estate Planning Review Checklist for Financial Advisors
October 26, 2026 · 3 min read · Ebix Meridian Editorial
In brief
An estate planning review checks that documents, beneficiaries, and titling are current, not just that documents exist.
Beneficiary designations on retirement accounts and insurance override a will, so they need separate verification.
Marriage, divorce, a birth, a death, or a move are the clearest triggers for an off-cycle review.
Asset titling, including trust funding, determines whether a plan actually works the way the client thinks it does.
Documenting the review date and findings protects both the client and the advisor.
An estate planning review checklist helps an advisor confirm that a client's estate documents, beneficiary designations, and asset titling still reflect their current wishes and family situation. At minimum it should cover core documents, beneficiary forms, how assets are titled, and any life events since the last review.
Why does an estate plan need a regular review?
An estate plan drafted once and never revisited tends to drift out of sync with the client's actual life. Laws change, family situations change, and account balances shift enough to change who inherits what and how much tax is owed. A review is not about redoing the plan every year, it is about confirming the plan still matches reality before something forces the question, usually at the worst possible time.
What documents should the review confirm?
Start by verifying that the core documents exist, are signed, and are not outdated versions sitting in a drawer somewhere. The advisor is not drafting these documents, but confirming they exist and are current is squarely within the advisory relationship.
Will
Confirm it exists, is signed, and names the intended executor and guardians for minor children.
Revocable living trust
If one exists, confirm it is actually funded, meaning assets are titled in the trust's name, not just drafted and signed.
Durable power of attorney
Confirms who can act financially on the client's behalf if they become incapacitated.
Healthcare directive and proxy
Names who makes medical decisions and documents the client's wishes.
Guardianship designations
Relevant for clients with minor children or dependents with special needs.
How do beneficiary designations affect the plan?
Beneficiary designations on retirement accounts, life insurance policies, and annuities override whatever the will says. A client can have a perfectly drafted will and still leave an IRA to an ex-spouse because the beneficiary form was never updated. The review should pull current beneficiary designations for every applicable account and compare them against the client's stated intentions, not assume the paperwork matches the plan.
What titling issues should advisors look for?
How an asset is titled determines whether it passes through the will, through a trust, or directly to a joint owner regardless of what any document says. Joint tenancy with right of survivorship, payable on death designations, and transfer on death registrations all bypass the will entirely. For clients with a trust, the review should confirm the trust is actually funded, since an unfunded trust provides none of the protection or control the client believes it does.
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A trust that was never funded is a document, not a plan.
What life events should trigger an off-cycle review?
Annual reviews catch most issues, but certain life events warrant an immediate check rather than waiting for the next scheduled meeting.
Marriage or divorce
Changes who should inherit and who holds financial and healthcare authority.
Birth or adoption of a child
Raises the need for guardianship designations and updated beneficiary allocations.
Death of a named executor, trustee, or beneficiary
Leaves a gap in the plan that needs a replacement named.
Relocation to a new state
Estate and probate rules vary by state and can affect how documents are interpreted.
Sale or purchase of a business
Changes the asset mix and may require updated succession provisions.
How should the review be documented?
The review itself should leave a record: the date it happened, which documents and designations were checked, what was found, and what follow-up items remain open, such as a referral to the client's attorney for an outdated will. This protects the client by creating accountability for follow-through, and it protects the advisor by showing the review was conducted with care, which matters if the plan is ever challenged.
Run estate planning reviews inside the client file
Ebix Meridian's Financial Advisory module includes estate planning review inside the same client record as goal planning and cashflow projection, with an audit trail of what was checked and when. Book a demo to see it on your own client scenarios.
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