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How do you streamline your estate plan review?

| Apr 9, 2021 | estate planning | 0 comments

When reviewing your estate plan, it is easy to feel overwhelmed at first. The bigger and more complex your estate is, the more complicated your plan, too. This often makes the concept of review feel like a gargantuan task.

Fortunately, there are ways you can make it more manageable. Streamlining your review through prioritization of its components is one way of doing so.

Prioritizing important components

Forbes discusses how to prioritize your estate plan review. As mentioned, you can streamline it by prioritizing different components that make up the entire plan. For example, your will and trust are just two parts of the entire estate plan. However, they often play a hugely important role in the doling out of your assets and money. Thus, you want to ensure they are constantly updated with the most recent and relevant information.

Remembering beneficiaries

Likewise, you want to always focus on beneficiaries, too. Beneficiaries have something to gain after your death. This can include people mentioned in your will. It can also include anyone you share joint bank accounts with, or people who will gain retirement or military benefits after your death. Do not forget life insurance policy beneficiaries, too.

Your beneficiaries often comprise of family members and loved ones. Unfortunately, these people do not always stay the same over the years. You want your estate plan to reflect any adjustments.

Even more important than beneficiaries are active key figures, such as your healthcare proxy or power of attorney. Always prioritize people who play an active role in your end of life planning. After all, they have the most power. You want to trust them to have your best interest at heart no matter what.