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How should you review your estate plan?

On Behalf of | Feb 14, 2021 | Estate Planning, Wills and Trusts | 0 comments

It can sometimes take years to draft and create an estate plan. The idea of reviewing the entire thing every few years may thus seem overwhelming. But the good news is, you do not need to review every part of your estate plan every single time. 

In fact, you can prioritize certain sections of your estate plan any time you do a review. But which sections should you put your focus toward? 

Focus on beneficiaries and assets

Forbes discusses which parts of your estate plan you may want to review first. They specifically focus on areas that involve your assets and your beneficiaries. After all, these are the most important segments and the ones most likely to change as time goes on. 

In specific, they suggest you check your beneficiary designations. Who will get your life insurance money? Who will get your retirement funds? Do you have any brokerage accounts with payable on death beneficiaries? Check all these names and make sure you still want these people to get any of your assets. 

Do the same thing for your health care proxy and power of attorney. These people will make all of your most important end of life decisions. Review all documents tied to these roles, too. You may need to refresh your documents if they are old or outdated. 

Evaluate your will and trust

Finally, evaluate your will and review your trust. Your will dictates how things go after you die. Your trust benefits you (and others) up to your death. After, you can decide who gets the assets and when they receive them. Make sure all documents reflect your most current desires. 

If you ever run into trouble when reviewing or updating your estate plan, consider contacting a legal expert, too. They can help you organize, prioritize and manage the updates and reviews smoothly.