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What should you focus on during an estate plan review?

On Behalf of | Feb 18, 2021 | Probate |

Handling matters of the estate often seems complex and difficult. This is true even after you have created your estate plan. After all, even after its creation, you still have to go back and review it to make sure it is up to date.

Fortunately, you do not need to review the entire estate plan every time. In fact, you should prioritize some aspects of it over others.

Focus on end-of-life matters

Forbes discusses parts of your estate plan you should prioritize during a review. In essence, they believe you should focus on matters that tie to finances and beneficiaries. They also suggest focusing on matters that involve individuals who have any power in your end of life circumstances.

For the latter, primarily focus on your power of attorney and health care proxy. These individuals make important decisions for you in the event you become incapacitated. They handle everything from medical to legal decisions. As such, they must be trustworthy. They should operate on the same wavelength. You should rest easy know that they would do anything you would do.

Beneficiaries and finances

For beneficiaries, people enter and leave your life all the time for various reasons. You want to make sure all the right people are getting benefits and assets after your death. You also do not want estranged relatives or ex-spouses getting things like your retirement fund or life insurance policy money. Make these edits as soon as you can.

Finally, for finances, you want to ensure the assets you mention in your estate plan are assets you actually have. Update your plan any time you come into or lose a significant sum of money. You can choose to review other aspects if you like, such as your will and trust, too.