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For Estate Planning, Estate Administration And Disputes

Is it time to review your estate plan?

On Behalf of | Jun 8, 2021 | Estate Administration & Probate |

Creating your estate plan is just the first part of having a healthy and comprehensive end-of-life structure. Your life constantly changes. Thus, you want your estate plan to reflect this. This means reviewing your plan somewhat frequently.

But just how often should you do a review? When do you know that it is a good time to take a look at your plan?

Focusing on key components

Forbes also takes a look at the order in which you may want to review your estate plan. This can actually help you stay on top of your reviews, too. After all, experts suggest you review your plan a minimum of every three years. Unfortunately, this can feel overwhelming if you try to review every single aspect of the plan.

Instead, focus on the most important parts and do reviews for those. This will include things like your beneficiaries, your named figures and crucial components like the will and trust.

Reviewing after major life events

However, you want to review every three years in the event that nothing major changes in your life. If you go through big life changes, on the other hand, you will likely want to review your plan much sooner.

On the plus side, you only have to focus on whatever part of your life has undergone the changes. For example, say you recently got divorced. You probably want to remove your ex-spouse from any positions they had as a beneficiary, such as inheriting your estate or getting money from a life insurance policy.

It can also help to have the guidance of a legal expert as you go through your reviews. They can help you understand what to focus on and what requires less attention, allowing you to prioritize.