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What areas of your estate plan should you focus on in review?

On Behalf of | Mar 19, 2021 | Estate Planning |

When attempting to review your estate plan, you can easily feel overwhelmed or even lost. After all, it took you a long time to build the plan. Looking over it once every few years may feel like a daunting task.

Fortunately, there are ways for you to streamline it and make it easier on yourself. You can start by knowing what areas of your estate plan to focus your attention on during an average review.

Beneficiaries and important figures

Forbes looks into which parts of your estate plan you may wish to prioritize. This counts primarily for the reviews experts suggest you do every three years. If you need to review your estate plan due to specific life changes, you do not need to follow these guidelines.

First, you want to focus on key figures. This includes beneficiaries, your health care proxy and your power of attorney. Make sure you know who is on your life insurance policies. Go through all of your joint accounts and retirement fund. Now is the time to get rid of anyone you do not want inheriting your money.

Your power of attorney and health care proxy are key figures, too. They will manage your end of life situation up until your death, at which point your will kicks in. Until then, they make financial and health decisions on your behalf. Thus, you want to trust them to make these crucial calls.

Vital components to the plan

Speaking of, you also want to check vital parts of your estate plan like your will. Your trust also falls into this category. By examining the core components, you ensure your estate plan fulfills your needs without taking too long to look it over.



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