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Annual Review Checklist
By Jason Su · Updated October 17, 2026
Once a year, every plan deserves one honest pass. Accounts change, beneficiaries get out of date, and a document that was right last year is often wrong this year. This checklist turns that pass into a routine that takes an afternoon rather than a weekend.
The thinking behind each step is in how to review your plan once a year. This sheet is the working list to carry alongside it.
The sheet
Accounts
| Account | Still open? | Still needed? | Beneficiary current? |
|---|---|---|---|
| Bank accounts | |||
| Retirement accounts | |||
| Life insurance | |||
| Credit cards | |||
| Digital and subscription accounts |
Documents
| Document | Found? | Still accurate? | Where it is |
|---|---|---|---|
| Will and trust | |||
| Advance directive and medical wishes | |||
| Insurance policies | |||
| Deeds and titles | |||
| Passports and ID |
Beneficiaries and people
| Item | Still correct? | Action needed |
|---|---|---|
| Named beneficiaries on every account | ||
| The trusted contact and their access | ||
| Guardian for any minor children | ||
| The person named to handle the estate |
How to use it
- Work the accounts column first. Anything closed or no longer needed is one less door to watch. See how to close accounts you no longer use.
- Check every beneficiary against today’s family. A name from years ago is the most common error on this sheet, and it overrides the will. Track the retirement accounts on the Retirement Account Inventory as you go.
- Confirm the documents are still where the inventory says. A document that moved is a document that cannot be found when it is needed.
- Test the trusted contact’s access. Have the person actually get in once, so the plan is proven rather than assumed.
- Date the sheet when done. The date is what makes next year’s pass start from the right place.
Frequently asked
How long does the review actually take?
An afternoon, once the lists are gathered. The accounts and beneficiaries are the fast part; finding the documents is usually what takes the time.
Do I need to update the will every year?
Not every year, but the review is when you notice that something should change — a new child, a divorce, a move to a different state. Make the note and take it to an attorney.
What if I find a document missing?
Replace it now while there is no urgency. A birth certificate or a title is far easier to reorder on a quiet afternoon than in the week it is needed.
Next step
Put the review on the calendar for the same day each year, then do the accounts and beneficiaries this weekend. The documents can follow in the same pass.
This is a record sheet, not legal or financial advice. Beneficiary rules, account terms, and document requirements differ by institution and by state, and they change over time — confirm the details with the institutions and a licensed professional.