How should you direct your focus during an estate plan review?

On Behalf of | Mar 9, 2021 | Estate Planning |

An estate plan review can seem like a daunting task at first. After all, it took you lots of time and energy to get through the creation of your estate plan in the first place. It can feel overwhelming, especially if you follow expert advice to review every three years.

But there are ways to make this review easier for you. For example, you can start by narrowing down the areas of your estate plan you want to look over.

Beneficiaries

Forbes talks about the ways in which you can make reviewing your estate plan an easier task. They start by mentioning you do not need to review the entire estate plan and all of its components every time you do a basic check-in. Instead, prioritize the most crucial aspects of the plan. This often involves your beneficiaries, finances and key figures.

Beneficiaries change often, so it is important to ensure your estate plan reflects the most recent composition of your loved ones. Is an ex-husband still sharing a joint account with you? Is an estranged son still set to receive life insurance benefits in the event of your death? You also want to ensure new family members get added into your plan, too. This can include new spouses, children or other loved ones and members of family.

Finances

Finances are important because they dictate who gets what after your death. Any time you go through a major shift in assets – positive or negative – you want to double check your estate plan. Make sure you also note any changes in assets from one form to another, like selling property.

Key figures

Finally, you want your key figures to be people you can trust. People like your healthcare proxy and power of attorney hold great sway in your end of life stage. You want them to make the decisions you would. If this changes, you want those names changed out immediately.