As we age, illness and incapacitation become more serious concerns. With that in mind, says Wilson, "Update your estate plan
. Chances are you haven't looked at your will in years, perhaps decades. Your adult children likely wouldn't appreciate having a guardian anymore."
Your will (living and otherwise), insurance beneficiaries, medical directive, and power of attorney should be reviewed, and then reassessed every three or four years after that. That is, "unless something significant happens—if you move to a different state, if there’s a change to any kind of marital status in your family, etc.," says Blayney. In that case, start drawing up new documents immediately.
One special note: Checking your estate plan review is vital for retirees who want to spend significant time abroad. Accidents happen overseas, and it’s much more difficult to coordinate critical documents and directives from a distance.