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What should you focus on first in an estate plan review?

| May 25, 2021 | Estate Administration & Probate |

Creating your estate plan often feels like an enormous task in and of itself. The idea of going back and combing through it every so often is likely not appealing to you in any way. Unfortunately, this is a necessity and for the benefit of your loved ones.

But is there any way to make your estate plan reviewer go faster or more smoothly? You can do this by narrowing down your focus during the review.

Start with your assets

Forbes takes a look at the order of priorities you may want to have when reviewing your estate plan. They start with aspects that involve your assets. Since your assets constantly change in real life, you want to ensure that the assets reflected in your estate plan are never too far off from them.

This means checking your will and trust, especially. You want to ensure that you are not giving away things you no longer have. Likewise, if you suddenly come into more assets or change the form of one – such as selling a house – you also want this reflected in your asset division plans.

Move to people next

Next, you want to focus on your beneficiaries. People enter and exit your life constantly for an assortment of reasons. You likely do not want an ex-spouse to be able to claim a share of your retirement funds. Likewise, you do not want to leave a new spouse out if you end up remarried.

Pay special mind to other named figures, like your executor and power of attorney. These people need to act as your biggest allies, so you want to ensure that you have the right names down at any given time.