How should you prioritize your estate plan review?
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How should you prioritize your estate plan review?

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

Writing your estate plan takes a lot of time and effort. Reviewing your estate plan may often feel just as daunting because of that. But there are ways you can streamline your review, especially if you review your plan regularly.

The best way to streamline is to understand which parts of your plan to prioritize. That way, you can keep your focus there and avoid anything that might slow you down.

Review assets and crucial components

Forbes discusses the parts of your estate plan you may want to prioritize first. They primarily focus on the importance of your assets and the people mentioned in your estate plan. Assets hold great importance because your estate plan defines who gets what. Your will and trust should also get a review accordingly. This way, you can ensure your current wishes are still met. You can also ensure that your current assets line up with the assets mentioned.

Remember the people

People also hold importance. For example, your estate plan covers what your beneficiaries get. It also stipulates the power given to your healthcare proxy or power of attorney. The people in your life may come and go. Thus, you always want to ensure that your estate plan reflects your most current relationships. Who is on your insurance plans? Do you share joint accounts with anyone? Who will benefit from your retirement funds? Who will receive from your trust?

Finally, you need to make sure key figures like your healthcare proxy are still on the same page with you. They will hold great power in your end of life stages. Thus, it is crucial to trust them. You can always choose to review more if you wish, but starting here should cover your bases well.