How should you prioritize your estate plan review?

When reviewing your estate plan, it often feels overwhelming. In fact, many people put their reviews off for that exact reason. But this does more harm than good in the end and can leave you with even more work when you eventually have to do a review.

Instead, consider prioritizing your review by its most important components. By doing this, you can decide what to focus on and how to organize your time effectively.

Crucial components and people

Forbes looks at some of the most crucial aspects of your estate plan to look over. This includes your beneficiaries and other named figures, your assets, and other crucial components.

Crucial components in this case refer to things like your will or trust, which often take time on their own to look through. It is important to ensure every part of these components lines up with your current financial situation and desires, especially your will.

Speaking of your will, this is what you will typically think of when it comes to double-checking beneficiaries. But do not forget other things beneficiaries may get, like joint accounts or life insurance policies. Ensure these matters are also updated.

Named figures and assets

Named figures outside of beneficiaries may include people like your estate executor or your healthcare proxy. As these individuals take care of many matters on your behalf, you always want the person to be up to date and on the same page as you.

Finally, keep an eye on anything that has to do with your assets. You want to ensure that the listed assets in your will, trust and other areas of your estate plan match up with your actual assets at this point in your life. Doing so can save your loved ones excess hassle.

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Kevin Tharpe

With 25 years of experience, Kevin understands how estate planning, special needs planning, and government benefits programs work together. This is a crucial element of a thorough plan. He explains your eligibility for benefits programs and ensures that you do not make costly mistakes that may disqualify you or deplete your assets.

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