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How should you organize your estate plan review?

| Mar 25, 2021 | Estate Planning |

Creating your estate plan is crucial, but you cannot simply create it and then leave it alone. You must keep it updated to ensure it reflects your most recent life circumstances.

In order to do that, you need to review your estate plan every now and then. But can you organize your review to make it easier on you?

Crucial aspects

Forbes discusses ways you can organize your estate plan review. They suggest by grouping a few of the most important components together. This often includes crucial aspects of the plan, along with key figures.

Crucial aspects include various pieces of the plan itself. For example, your will and trust are parts of your overall estate plan. Both hold vital information that directs and informs what happens after your death. You want to ensure the contents of your will are always up to date. You also want your trust and its related beneficiaries to stay up to date, too.

Key figures

Speaking of beneficiaries, they are some of the key figures in your estate plan. Beneficiaries include anyone receiving anything from your will or trust, bank accounts, retirement plans and even insurance policies. Relations often change, so you want to ensure that only the people you choose will benefit after your death.

The other key figures carry out your wishes in the event of your incapacitation. For example, a healthcare proxy acts in your stead for medical decisions. A power of attorney handles your legal and financial matters. Both play important parts, so you want to ensure the ones taking on the burden will act as you would.