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How do you organize your estate plan review?

| Mar 28, 2021 | Estate Planning |

Reviewing your estate plan can feel like an enormous task. After all, it takes you years to create and finalize it. If you have to review it every three or so years, that can feel even more daunting.

But fortunately, there are ways in which you can streamline your estate planning to make it easier. But how do you do that?

Beneficiaries in your estate plan

Forbes discusses how you can organize your estate plan review. Their first suggestion is breaking down the most important pieces into separate categories. For example, your categories might include people and key components.

“People” can include beneficiaries and crucial figures. Your beneficiaries will benefit from different parts of your estate after your death. Examples include people you list on your will, people who will gain something from your trust, and people who might inherit bank accounts or retirement funds. Do not forget to factor in life insurance plans, too.

Active participants

Key figures include people who actively help in your end of life stages. This can include a power of attorney or a healthcare proxy. Such individuals ensure things go according to your wishes if you are no longer capable of making decisions. The former handles finances and legal issues. The latter handles medical situations.

Key components, on the other hand, include important parts that make up your estate plan. For example, many estate plans include a trust and a will. You want to ensure all of these parts are in working order, so give them a look-through any time you review. After you get these major pieces done, you can cherry pick the rest based on personal importance.