How long has it been since you looked over your financial and estate plan? Does the plan you wrote or envisioned still apply? Can you remember what the documents say?

If you cannot find your documents, you cannot claim to have a plan. This author often handles estates in which vital documents are missing, causing great problems for loved ones. In one estate, thousands of dollars of excess income taxes were paid because of a missing IRA beneficiary designation form.

Your powers of attorney become "stale" after three to five years, and are often dishonored. In one case, a brokerage firm refused to honor a power of attorney that was more than six months old. The firm presented with the form was concerned that the principal, the person granting power to the agent, might have revoked the document in the interim.

Because situations change, wills need to be reviewed and, possibly, rewritten. The brother that was to serve as guardian of your child now has retired and moved on in life, or the child that was to be his ward has children of his own. The children who needed a trust to shield them from their youthful impecunity are successful professionals and responsible citizens – or, heaven forbid, are long since over the age of majority, but can’t seem to keep a dollar in hand longer than it takes to get to the nearest department store.

Your house that was worth thirty thousand dollars when you bought it is now worth ten times that much, but just a couple of years ago it was worth twenty times that much. The children that filled it alternatively with laughter and contention are long gone. Do you need a house this big? How will you pay for elder care if you need it? Can you keep the house intact and still pay for care?

The farm you inherited from your father is worth enough to attract the attention of the tax man when you die. The children who were to perpetuate the family farming tradition are scattered from coast to coast, and you know deep inside that the land you’ve loved and labored over will be developed as soon as you are safely out of the way. Should you cash in (or out) now?

You can remember when your 401(k) or IRA was worth a million dollars, but not too much later was valued at almost enough to buy you a cup of coffee on a good market day. But it’s coming back, and you think it must be about time to rebalance your portfolio. Your first financial plan – save enough to put the kids through college – has succeeded, and now you’re wondering when, if ever, you’ll be able to retire, or whether you’ll be able to retire early and travel, as you and your spouse have always dreamed.

The father who was your mother’s mainstay and provider has passed on, and she is trying to understand all those statements that show up in the mail. You aren’t sure that his very eclectic investment philosophy is appropriate for her, and you’re worried that someone will take advantage of her.

As life’s seasons change, we change the set of our sails to meet the shifting winds of fortune. Make sure your plans are current. Consult with your planning professional.