Can You Prioritize Certain Parts of Your Estate Plan in Review?

Experts suggest that you review your estate plan every three years. After creating your estate plan, a review this frequent might feel like a Herculean task. Is there any way you can break it down into a more manageable duty?

Fortunately, there is. You do not need to review the plan in its entirety. In fact, you should not. Instead, focus on crucial parts of the plan only.

Beneficiaries and crucial figures

Forbes discusses which parts of your estate plan you should review first. You can always go back and review more if you feel like it. These are the crucial pieces, though. These are the parts you should dedicate your time to, if possible.

First, your people. This includes key figures, beneficiaries and more. Who will benefit from your insurance plans? Who did you list on your trust? Who will get your retirement funds? Do you share any joint accounts with anyone? Check all of these names. Ensure you remove all names you no longer want. This is a great time to add new names, too.

Key figures include people who will manage your end-of-life experience, like your healthcare proxy and power of attorney. They manage things until your death, at which point they follow your will. They make crucial decisions about assets and your health. Thus, you want to ensure they are still on the same page with you.

Finances and key components

Always check key components of the plan, too. This will likely include a trust and your will. Any other important documents should also get a glance. Finally, review anything tied to your finances just to ensure they reflect your current financial situation correctly. If you prioritize like this, you will spend less time having to comb through your plan in its entirety.