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How do you structure an estate plan review?

On Behalf of | Jun 9, 2021 | Estate Planning | 0 comments

Estate plan reviews are a crucial part of your end of life plans. After all, you cannot simply create an estate plan and leave it as-is indefinitely. It needs to reflect your life in the current moment, which means it must change as your life changes.

But how do you go about reviewing your plan? Is there a way to structure it that makes it easier on you?

Organizing by importance of aspects

Forbes gives you a list of important aspects of your estate plan, which you can use as a starting point. This allows you to narrow your focus to only the most crucial parts. For example, you likely want to focus on your beneficiaries. This includes people you list in your will, your trust and even in life insurance policies and other benefits.

The logic behind this is that people come and go from your life constantly. The people you want getting your assets in one year might look drastically different three years down the line, which is roughly the time experts say you should do a regular review.

Focusing on major changes

Speaking of, this only applies if nothing in your life changes. You can just do a look-over every three years to get an idea of whether the plan still sticks. But if parts of your life undergo upheaval, you want to focus on those aspects first. In some cases, you may only have to focus on the aspects currently changing. For example, if you go through a divorce, you can just focus on removing your ex-spouse from any place you do not wish them to be.

It can help to have legal help through this process, too. The additional guidance can prune extra time and streamline the process for you.