What should you prioritize when reviewing your estate plan?

| Feb 16, 2021 | Firm News |

Reviewing your estate plan can seem like a big task. This is especially true when you consider that experts suggest you review it every 3 years. But in reality, you do not need to review the entire thing each time.

In fact, prioritizing your reviews makes the entire process streamlined. It lets you focus on the important areas without eating endlessly into your time. But what are the areas you should focus on?

Trust and will

Forbes discusses what areas of your estate plan you may want to focus on in your review. First, tackle the biggest components of the estate plan. For many people, this includes your trust and will. Your will handles everything you want to happen after your death. It picks up where your power of attorney and health care proxy leave off. You want it to reflect your current life situation, wishes and desires as accurately as possible.

Your trust is also important. You want to ensure you specify how the assets within get divided after your death. Who will it go to? Will they get everything all at once? Or will you dole out the trust contents over time?

Beneficiaries

Always make sure to review the people involved in your estate plan, too. After all, relationships are highly fluid and subject to change. Look over your beneficiaries. Who is benefiting from your life insurance policies? Who gets your retirement account? Your brokerage accounts? Do you share any joint accounts with anyone? Make necessary changes if you find any issues.

If need be, you can also consult a legal expert when reviewing your estate plan. They can help you approach it in the most streamlined way, while also ensuring that everything complies with local law.