It’s Not Just About Having a Plan. It’s About Keeping It Relevant.
Some of the most important conversations we have with clients aren’t about investments or retirement. They’re about decision-making when it comes to family, relationships, anticipated changing circumstances, and choosing the people we trust to carry out our wishes when we no longer can.
Estate planning is deeply personal. And while creating a will or trust is an important first step, we’ve seen firsthand why the process shouldn’t end once the documents are signed.
We incorporate an estate plan review into every financial planning engagement and revisit it every two years. Life changes, families evolve, and the decisions that made sense five or ten years ago may no longer reflect your circumstances or wishes.
When Beneficiaries Are Overlooked
One common issue we encounter at Gates Pass Advisors is outdated beneficiary designations.
A marriage, divorce, death in the family, or change in relationships can have unintended consequences when beneficiary information on retirement accounts, insurance policies, or other financial assets no longer reflects someone’s wishes.
And sometimes, those oversights aren’t discovered until a family is already navigating the loss of a loved one.
A client came to us for assistance after their spouse had passed away. Although she had been ill for some time prior to her passing, there was not an engaged advisor who recommended a review of beneficiary documents. Unfortunately, the beneficiary of a significant account was not their child, as both had desired, but a parent, who subsequently passed away prior to distribution. The next to inherit were her next of kin, her siblings, with whom she had had a falling out years ago.
These situations remind us why reviewing beneficiary designations alongside estate planning documents is so important. Even a carefully prepared trust may not control assets that pass directly through beneficiary designations.
Choosing a Successor Trustee: A Decision Worth Revisiting
Another area we encourage clients to revisit is the selection of a successor trustee.
People often make this decision years earlier, perhaps when children were younger, family relationships were different, or a trusted friend or relative seemed like the natural choice.
But being someone you trust and being prepared to serve as your successor trustee aren’t necessarily the same thing.
A successor trustee may manage investments and property, pay expenses, maintain records, work with attorneys and accountants, and make difficult decisions involving family members.
It’s a significant responsibility that deserves an honest conversation.
If a client is childless, we recommend they include clear directions for how they want their later lives to unfold. Successor Trustees have the responsibility of making these decisions. A concern can arise if even a trusted relative is also a future beneficiary of assets: will there be any incentive to reduce long-term care support, given its high costs, to preserve the asset base? We recommend that clients explicitly state whether they desire that their assets go toward paying for a certain level of long-term care support, even if it significantly reduces potential future inheritance.
Are Your Children Prepared for Responsibility, or Will They Need Support?
Many parents naturally name an adult child as their successor trustee. After all, who knows them better, or who would they trust more?
We encourage clients to consider a few additional questions.
- Does your child have the time, organizational skills, and emotional capacity to take on the responsibility?
- Are they comfortable making financial decisions?
- Could serving in this role create tension with siblings or other family members?
- And perhaps most importantly, have you asked whether they actually want the responsibility?
There’s another side to this conversation that is equally important.
Estate planning isn’t always about deciding which child should manage your affairs. Sometimes, it’s about ensuring an adult child has the guidance, financial oversight, and ongoing support they may need when you’re no longer there to provide it.
We’ve worked with families navigating these sensitive circumstances, where an adult child may face personal, emotional, or financial challenges that make managing an inheritance independently difficult.
These situations require thoughtful planning, compassion, and sometimes a different approach. An independent professional fiduciary may offer the experience, objectivity, and continuity needed to protect both the individual’s well-being and the family’s intentions.
We explore these considerations further in our September 20, 2024 article, Engaging a Fiduciary for Your Dependent Adult Child in California.
Your Estate Plan Should Evolve With Your Life
National Estate Planning Week (October 19–25, 2026) is a timely reminder that estate planning isn’t simply about what happens after we’re gone. It’s also about protecting our wishes, maintaining our independence, and making thoughtful decisions for the people we care about.
At Gates Pass Advisors, we believe these conversations are an essential part of comprehensive financial planning.
We don’t prepare legal documents, but we help clients see how their estate plans fit into their broader financial picture, identify areas that may need attention, and coordinate with their estate planning attorneys when changes are appropriate.
Our encouragement this week is simple: Ask whether your estate plan still reflects your life today.
If it’s been a while since you’ve reviewed your documents, beneficiaries, or successor trustee selections, this may be a good time to begin that conversation.
Please use the links below to schedule a 30-minute call with Esther or Erik.
Schedule a 30-minute call with K. Esther Szabo
Schedule a 30-minute call with Erik Schei
Disclosure: Estate planning documents and fiduciary appointments should be reviewed with a qualified estate planning attorney. Gates Pass Advisors does not provide legal advice.
This material is provided for informational and educational purposes only and should not be construed as personalized investment, tax, or legal advice. Financial situations vary, and readers should consult with a qualified financial professional regarding their individual circumstances before making financial decisions.
Advisory services are offered through Gates Pass Advisors, a registered investment adviser. Registration as an investment adviser does not imply a certain level of skill or training. All investments involve risk, including the potential loss of principal.
