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How can you prioritize your estate plan review?

On Behalf of | Jun 17, 2021 | Uncategorized |

Handling your estate plan is a large task, no matter how many assets you have or how many beneficiaries you intend to provide for. It often makes reviews feel like a monumental feat, and many people put off their reviews because of this.

But it is crucial that your estate plan reflect your current life circumstances. Thus, it is important to do whatever you can to make your estate plan easier to review. One of the best ways to do so is by learning how to prioritize your review list.

Looking at your assets and beneficiaries

Forbes examines the aspects of your estate plan you may wish to prioritize during review. The idea is: if you focus on the key elements of your plan, you do not have to review the entire thing in detail. This saves time and effort, and will automatically streamline your review a bit more.

First, determine the biggest areas of fluctuation in your life. For most people, this involves your finances and money, as well as the people in your life. Thus, you can then focus on aspects of your estate plan dealing with assets and beneficiaries.

Next, review all areas connected to these fluctuation points. For example, your trust and will likely mention beneficiaries. They also handle your finances, so you should give them a once-over to make sure everything still looks good.

General vs. specific reviews

Note that this largely applies to your regular review, which experts agree should occur about once every three years. If you must review your plan due to specific changes in your life, you can focus on those specific areas of your estate plan accordingly.

If you would like further aid, consider contacting legal help for more information. They can give you guidance through the review process that could make it even easier.