A document may have been appropriate when signed and cease to reflect your circumstances years later. An annual review does not mean starting over. It means checking whether the facts on which the plan was designed remain accurate.
Set aside half an hour and review these five areas:
Family, assets and business
Family. Has there been a marriage, separation, birth, death or change in the needs of someone you want to benefit? Note anyone whose role should be reconsidered.
Assets and debts. Did you buy or sell property? Are there new accounts, investments, policies or liabilities? Check whose name they are in and in which country.
Business. Have new partners joined, has management changed or are there new restrictions on transferring shares? A succession document and a business agreement should be capable of being read together.
Business, responsible persons and access
Responsible persons. Are the people appointed to administer, carry out instructions or receive information still available and willing to act? A person who was suitable five years ago may not be suitable today.
Documents and access. Do you know where the originals are and who knows that they exist? Review dates and versions so that a new instruction does not inadvertently coexist with an earlier one.
Decide what deserves updating.
If everything remains current, record the review date and schedule the next one. If you identified changes, take the list to a lawyer before amending a document on your own. Priority depends on the real consequences of each change, not simply the number of pending issues.
This practice makes better use of a digital platform: organize information in advance and devote professional time to deciding what requires analysis or updating.
Thirty minutes to identify changes
This personal check identifies matters to address; it is not a complete legal audit. Use one row per change and bring the list to a professional review when appropriate.
