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Where should your focus be during estate plan reviews?

On Behalf of | May 14, 2021 | estate planning | 0 comments

Reviewing your estate plan may feel like an enormous task. Unfortunately, many people put it off for this exact reason. But there are ways you can make the review process easier on you while simultaneously checking everything essential.

You can do this by understanding what areas to prioritize in your review. After all, you do not need to do a full, thorough and comprehensive review every single time you look over your estate plan.

Focusing on the figures in your plan

According to Forbes, you can streamline the review process by focusing on crucial components of the estate plan. First up are the actual people involved. This can include beneficiaries as well as people playing an active role in your end of life plan, like your healthcare proxy.

Relationships are one of the most ephemeral parts of your life planning. You cannot predict who you will remain close with, who will enter your life, who will exit it and how any of that will happen. Thus, you want to be on top of changes that happen so your estate plan reflects the true state of your relations. This is especially true for those who play an active role in your life. You want to keep those roles to highly trusted individuals who will always act on your behalf.

Paying attention to key components

Next, take a look at the major components. This may include a trust or a will. Check the distribution methods of your trust and who will receive your assets. Confirm your executor and any guardians of your children, if necessary.

If you focus on these parts, you can get an idea for what needs changing and what you can skim over for the time being. You can also seek legal help for an even more streamlined experience.