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What should you focus on when reviewing your estate plan?

On Behalf of | Apr 13, 2021 | Estate Planning

Your estate plan often contains many different components. Altogether, it can seem difficult to review the entire thing. This will certainly get old quickly, especially if you plan on sticking to expert advice and reviewing your plan every 3 years.

So what can you do to make the reviewing process easier on yourself? You can start by picking a few crucial aspects to focus on.

Crucial components of estate plans

Forbes discusses how to review an estate plan, making things as streamlined as possible. To do this, they say you should focus on key components, key figures and key financial information. For example, the key components in many estate plans are your trust and will. Your will dictates what happens after your death. Your trust provides assets to beneficiaries. You can determine how much each person gets and when they get those assets.

Key figures

Speaking of, your key figures include your beneficiaries. These people will receive assets from your trust, shared banking accounts, life insurance policies and more. Thus, you want to ensure your beneficiaries reflect the people in your life. Remove anyone you need to and do not forget to add new beneficiaries when necessary, too.

Other key figures include your health care proxy and power of attorney. They handle matters in your end of life stages if you cannot take care of them yourself. This includes matters related to your health and finances. Thus, it is crucial for you to trust these people with your future.

Focus on finances

Finally, always review finances if you face major changes. This includes both net gain and loss situations, like coming into money or falling into debt. You also want to focus on reviewing any assets that take a new form, such as when you sell property. By narrowing your focus to these areas, you can review your plan in an easier way.