Can I streamline reviewing my estate plan?

On Behalf of | May 15, 2021 | Uncategorized |

Writing your estate plan already takes a massive amount of time and effort. Reviewing it can also seem like an enormous task. This is why many people, perhaps including you, continue to put off estate plan reviews.

But if there was a way to streamline your review, it would make the entire process much simpler and easier. Fortunately, there are ways you can do exactly that.

Key figures in your estate

If you are looking into this matter, Forbes starts by listing several areas of your estate plan that you can focus on first. This is the best way to streamline your review. It allows you to focus on the most important areas without paying attention to the many details that are often easy to get lost in.

The suggested areas of focus include your beneficiaries, anyone who plays an active role in the estate plan, and crucial components like your trust or will. Beneficiaries often change throughout your life, so it makes sense to review them any time you do an estate plan look-over. This includes beneficiaries of your will, but do not forget about people who gain things from life insurance, joint accounts, retirement funds, military benefits and more.

Active figures include people like your executor and healthcare proxy. You want to ensure these people are on your side no matter what and would carry out your wishes exactly as you would like. Finally, crucial components like your will and trust need to accurately reflect your current circumstances.

General reviews

You only need to do a general review of your plan once every three or so years. You may want to review more often if you go through major life changes, such as sudden notable financial loss or gain. Keeping it streamlined can encourage you to stay on top of updates, which helps everyone in the end.