Creating your estate plan is a daunting and time-consuming task. Keeping it up to date also takes a lot of time and effort. But fortunately, there are ways in which you can streamline your reviewing process.
You can do this by narrowing down your focus when reviewing. But what parts of the plan should you pay attention to, then?
Key components of your estate plan
Forbes talks about ways you can streamline your estate plan review. This includes prioritizing certain aspects of it. They suggest prioritizing financial matters, key figures and the biggest components of your estate plan. The latter may differ from person to person. Some examples include your will and trust. As these are crucial to how things happen after your death, you always want them to reflect your current wishes and life circumstances.
Beneficiaries and other important people
Key figures include beneficiaries and the people who will take care of your matters in your end of life stage. This may include a healthcare proxy or a power of attorney. Beneficiaries, on the other hand, may change often throughout your life as your relationships and family ties change. Make sure only the people you want are getting inheritance, joint accounts and insurance policy payouts.
Finally, you always want to pay mind to your finances. After all, your assets are a crucial part of your will and trust. You should always review your plan after coming into large financial gain or suffering from a big financial loss. This also includes changing assets from one form to another, like selling property.
By focusing on these aspects, you can significantly reduce the amount of time you must put into your plan. This can allow you to review your plan more often, which will benefit you in the end.