Creating your estate plan often feels like a monumental hassle in and of itself. Thus, it makes sense that most people do not want to go back and review it. Especially since experts suggest you review it every three years, which go by in a flash when dealing with legal work.
But did you know that you can make your estate plan review a smoother, easier process? You can do so easily, just by knowing how to prioritize points to review.
Why focus on beneficiaries?
Forbes starts by discussing parts of your estate plan that you should review first. Start off with things that often change the fastest in your life. In most cases, this will include your beneficiaries and other named figures.
People enter and exit your life all the time for various reasons. By the time you get around to reviewing your plan, it is possible that one or more people listed in it are no longer in a position to receive items or assets from you. Likewise, you want to make sure all new additions to your life get what you want to give them.
This goes double for named figures like your power of attorney or healthcare proxy. These individuals will hold great responsibility at later points in your life and should understand you well. They also need to have your best interest at heart, so you should ensure the people listed still do this.
What do your assets impact?
After that, you can focus on matters handling your assets, like your will or trust. Assets also change often throughout life. You want your estate plan to reflect any major changes – negative or positive – so it is accurate to your real life circumstances. By starting with your focus here, you can often cut down on superfluous reviewing matters and save time.