Written by Julia Kagan
Published May 22 | 9 minute read
Whether it’s spring cleaning, back-to-school season or the start of a new year, many times in life call for a reassessment. But one important matter is easy to overlook: a legacy check-in.
Here’s what to review, how often to do it and the simple steps that can help ensure your plans still reflect your wishes.
Reviewing the details of your estate plan might sound like something reserved for retirees or wealthy families with complex finances.
In reality, it’s relevant for anyone who owns anything—whether that’s savings accounts, retirement accounts, life insurance or employer benefits.
A legacy check-in is a periodic review of the key people and designations tied to your accounts and documents. That includes the beneficiaries who inherit assets, the fiduciaries who carry out your wishes, the trusted contacts who can be reached in an emergency and the information your family may need if something happens to you.
A quick review now can help prevent confusion, delays or unintended outcomes later. And if your check-in leads to changes, it’s important to communicate them to your attorney (if you have one) and update the relevant documents promptly.
[Click here for an easy-to-follow “Legacy Check-In Checklist”]
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When people hear the word “legacy,” they often think of wills and large estates.
But legacy planning is really about something simpler: making sure the right people are identified to receive your assets, carry out your wishes or step in to help if you’re unable to act for yourself.
Those people appear across several important documents and account designations—and who you choose for those roles might shift as your life changes.
“If you know that there’s been a change involving a beneficiary or fiduciary, that’s often a signal that other parts of your plan may need updating too,” says Jonathan Herlands, a trusts and estates lawyer. “Sometimes we don’t see clients for several years, and in that time a beneficiary may have passed away, moved or had major life changes of their own.”
During a legacy check-in, focus on four key categories:
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One of the most important—and most overlooked—parts of a legacy check-in is reviewing your beneficiary designations.
These designations determine who receives certain financial assets after your death and generally supersede any designations you’ve made in your will. If your designations are outdated, the results may not reflect your current wishes.
A beneficiary is the person—or sometimes an organization or entity—you name to receive assets from an account, policy or legal document after you die.
You may need to designate them for several types of accounts and documents, including:
Beneficiary designations can carry more weight than people realize.
“With any deposit or investment account, you should always name a beneficiary—and review it regularly,” says Pierre Habis, general manager and head of Synchrony Bank. “This is money you’ve worked hard to earn, so you should feel confident in who receives it and in what proportions.”
In most cases, they override instructions in a will. For example, if a retirement account has a POD designation naming a specific person, that account will generally pass directly to that individual—regardless of what the will says.
This can create unintended outcomes if designations aren’t updated. A common example: an ex-spouse remaining on an old retirement account or life insurance policy. In other situations, a deceased beneficiary may still be listed, which can complicate the distribution process.
For that reason, some estate planners recommend reviewing beneficiary designations whenever you revisit your will or major financial documents.
When reviewing beneficiaries, focus on both the names listed and the structure of the designations. Key details to pay attention to include:
Certain life events are strong signals that it’s time to revisit benefciary designations.
These include:
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Beneficiaries receive assets—but fiduciaries are far more active. They are authorized to act on your behalf or manage your affairs if you’re unable to do so. Because these roles can carry significant responsibility, it’s worth confirming that the people you’ve chosen are still the right fit.
An executor carries out the instructions in your will. Their responsibilities can include handling paperwork with the courts, distributing assets to beneficiaries and paying bills, debts and taxes.
A trustee, by contrast, manages the assets held in a trust according to the terms you’ve established. Trusts are often used when assets need to be managed over time—for example, for minor children or beneficiaries who need financial oversight.
Depending on your estate plan, you may have multiple trustees or different trusts serving different purposes.
A power of attorney allows someone to handle legal and financial matters on your behalf if you become unable to manage them yourself. This might include paying bills, managing accounts or handling property transactions.
A healthcare proxy (sometimes called a healthcare power of attorney) authorizes someone to make medical decisions for you if you’re unable to communicate your wishes.
“You can have a primary agent and a successor agent,” says Herlands. “That way, if the first person isn’t available, there’s someone else designated to step in.”
Whichever roles you assign, it’s important to discuss your expectations with the person you choose so they understand your wishes.
If you have minor children, naming a guardian is one of the most important decisions in your estate plan.
A guardian is the person legally responsible for caring for your children if you’re no longer able to do so. During a legacy check-in, confirm that the person you’ve named is still willing and able to serve in that role.
Once children reach the age of majority—typically 18—they no longer require a guardian and can inherit assets directly. Some parents choose to create trusts so younger heirs don’t receive large sums all at once.
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A trusted contact is a person your financial institution can reach if it suspects something unusual with your account, such as potential fraud, exploitation or an inability to contact you.
Importantly, naming a trusted contact does not give that person access to your accounts. They cannot move money or conduct transactions on your behalf.
Adding one can provide an extra layer of protection, particularly for older adults or anyone concerned about financial scams. If suspicious activity starts occurring and you can’t be reached, the institution may contact your trusted person to help verify the questionable activity.
The best choice is someone who stays in regular contact with you and can respond quickly if needed. An adult child, sibling, close friend or attorney are all common options. The key is choosing someone reliable who has agreed to take on the role.
During your legacy check-in, confirm that their phone number, email and home address are still accurate, and that they’re comfortable continuing as your contact.
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Even the most carefully prepared estate plan can create confusion if no one knows where to find it.
That’s why a legacy check-in isn’t only about reviewing documents—it’s also about making sure the right people know what to do if something happens.
Consider sharing key logistical information with family members or trusted individuals. Some families find it helpful to hold a brief legacy check-in conversation—essentially a short meeting to walk through the basics. The goal isn’t to discuss dollar amounts, but to confirm responsibilities and answer practical questions.
During that discussion, you might cover:
Key documents to review and store securely include:
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Legacy check-ins are designed to prevent small oversights from turning into bigger problems later.
One common misunderstanding is assuming that changes to a will automatically update beneficiary designations on accounts like retirement plans or life insurance policies. Those designations typically must be changed or updated separately.
Other mistakes include naming minor children as direct beneficiaries without planning for how the funds will be managed, forgetting to add contingent beneficiaries or failing to designate successor agents for important roles like executor or power of attorney.
Even simple details—such as outdated phone numbers or storing documents where no one can locate them—can create complications.
A quick review can help ensure the people you’ve chosen are still reachable, the documents are accessible and your intentions are clearly reflected across accounts and legal records.
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Some situations call for additional guidance.
“A trust-and-estates attorney, financial planner and accountant can work together to make sure all aspects of a plan align,” says Herlands. Coordinating among professionals can be especially helpful when financial decisions, taxes and legal structures intersect.
Professional advice may be particularly valuable if your situation involves:
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Like many financial tasks, a legacy check-in is easiest when it becomes routine.
Setting aside time once a year—perhaps during tax season or at year-end—can help ensure your designations, documents and contact information stay current.
It’s also a good opportunity to encourage family members to do the same. A quick review today can spare loved ones confusion and stress later—and help ensure your plans reflect the life you’re living now.
Julia Kagan is the former senior editor of personal finance for Investopedia, former editor for Consumer Reports, and former vice president and editorial director of Consumers Union. She won a National Magazine award, was a multiyear NMA finalist and won the Gerald Loeb Award for Distinguished Business and Financial Journalism.