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How should you carry out an estate plan review?

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How should you carry out an estate plan review?

On Behalf of | Jun 14, 2021 | Estate Planning

An estate plan is a crucial component of your end of life stages. Its creation is just as important as its maintenance. In fact, while many people may feel tempted to create their plan and simply leave it at that, updating and reviewing it is critical.

So how should you tackle your estate plan review? Is there a trick to organizing it? Can you streamline it in a way that makes a review go by faster and more efficiently?

Speeding up your review

Forbes examines how to carry out an estate plan review. Their prime piece of advice for speeding it up? Know how to prioritize. An estate plan gets crafted with many intricate parts. It includes your will, your trust and many other components. A lot of people get involved, too. Not only do you have your beneficiaries, but you have named figures like your healthcare proxy and power of attorney.

Needless to say, it can get complicated fast when you are dealing with so many different aspects at once. But you do not actually need to review every single part of an estate plan at the same time. This is especially true of general estate plan reviews, which experts say you should carry out once every three or so years.

Focusing on what’s important

When doing these basic reviews, you can simply focus on the most important aspects. This may differ from person to person, but generally includes anything involving beneficiaries and assets. This means checking your will, your trust and even life insurance plans or policies.

After all, your assets and the people in your life constantly change. You want to ensure your estate plan accurately reflects these changes.