Creating And Protecting Your Legacy

How should you organize your estate plan review?

On Behalf of | Mar 24, 2021 | Estate Planning |

Experts suggest you review your estate plan every few years. This may seem like a long time, but in reality, an estate plan review is often a daunting and time-consuming project.

If you are starting on your estate plan review, you may want to prioritize things. This can help you streamline the reviewing process.

Key components and crucial figures

Forbes discusses options on how to review your estate plan. When prioritizing items, you want to focus on a few areas. This includes key factors in your plan, crucial figures, and financial information.

Key factors involve the components making up your estate plan. This might include a will and a trust. Both components help direct and guide others after your death. You want to ensure they always reflect your current life circumstances.

But the parts most likely to change are the ones involving people. Crucial figures include beneficiaries, health care proxies, power of attorney and others who carry out your wishes in your end of life stages. Relationships often change with time, though. You want to make sure your estate plan is an accurate reflection of your current relations. Remove those who are no longer in your life for various reasons. Add new people, like spouses, children or even just good friends.

Assets and finances

Finally, you want to update components that handle assets and finances. This may include a trust or various bank accounts, like savings and retirement funds. It may also include life insurance policies that pay out after your death.

By focusing on these areas instead of the entire comprehensive plan, you can streamline your ability to review.