Contact The Firm

What should you focus on in your estate plan review?

On Behalf of | Jul 1, 2021 | Estate Planning |

Handling matters of the estate may feel overwhelming. This is particularly true the first time you tackle an estate plan review. What are you supposed to do? How do you organize your review? Is there any order you should go in?

Fortunately, you do not have to worry about doing a full review every time you take a look. In fact, for your first review, you only need to focus on a few key parts.

Changing beneficiaries

Forbes examines what you should focus on during an estate plan review. In most cases, you want to spend your time focusing on the aspects that see the most movement in your daily life. For example, your beneficiaries will likely change over time. People leave and enter your life for all reasons, all throughout your days. The people you want on your will and life insurance policy may look different depending on new additions to your life, or new annexations from it.

Major financial changes

Financial matters often fall under the same category. You do not need to focus on every single penny that you gain or spend. Instead, simply focus on matters that cause big changes in your assets. This can include gaining an inheritance or falling into debt. It can also include transferring one asset into a different type of asset. Examples include selling property and keeping the money.

Finally, take a look at the most important documents and components of your estate plan. This will often include a will and trust for most. Make sure they are up to date with your wishes. If you need help going through your review the first time, consider contacting legal help for guidance.