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How should you start organizing your estate plan review?

On Behalf of | Sep 15, 2021 | Estate Planning |

Reviewing your estate plan serves as part of the maintenance of your estate as a whole. It is something you will need to do somewhat regularly, as the relevance of your plan depends on how up-to-date it is.

This means you should also know what your goals are when it comes to reviewing your estate plan, along with how you will achieve them.

Break it down to the basics

Forbes takes a look at how you can potentially organize an estate plan review. They start by pointing out ways that you can begin to prioritize parts of the plan to tackle first. After all, an estate plan can be large task, and depending on your circumstances, reviewing the entire thing could end up a painstaking process that could span months even with the best of help.

Instead of going through everything with a fine-toothed comb, break down your plan into the basics and tackle whatever you think is the most likely to have undergone changes over the years. For most people, this will often include your beneficiaries and assets.

Focus on beneficiaries and assets

Beneficiaries involve anyone who has something to gain from your estate after your death. Beneficiaries written on your will serve as one group, but this also includes anyone on your insurance policies or other beneficiary designation accounts and people you have included in any trust you might create.

Assets can fluctuate negatively or positively, but if you come across a particularly big change, you will likely want to document it. After all, you cannot give away something you no longer have, and you do not want unclaimed assets sitting in your estate. Equally important, this may impact the overall proportions of assets you intended to distribute in your original planning.

You can enlist legal help if you want to work on prioritizing your review. After all, experts suggest you do a review every three years, which means you will likely do quite a few of them.


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