What should you focus on when reviewing your estate plan?

What should you focus on when reviewing your estate plan?

| Feb 16, 2021 | Estate Planning

Reviewing your estate plan may feel like an enormous task. This is especially true if your plan has a lot of components to it. Fortunately, you do not need to review each part every time you look over the plan.

Instead, you want to focus on a few areas. These areas are subject to change. They also hold the most importance to your overall estate.

Doublechecking beneficiaries

Forbes discusses a few parts of your estate plan that you may want to prioritize reviewing. First, they suggest focusing on the people involved. This includes beneficiaries, your power of attorney and your health care proxy.

Your beneficiaries hold importance in many aspects of your estate plan. They include anyone who benefits from your retirement funds, life insurance policies or brokerage accounts. They may also share joint accounts with you. Some will also gain assets from your trust after your death. You want to make sure everyone you want receiving assets gets what you set out for them. You also want to ensure that no one you lost touch with gets anything you do not wish for them to have.

Focusing on key figures

As for health care proxy and power of attorney, these people hold great power in your end of life. This means you want trustworthy, dependable people that you hold dear. You want trustworthy people who will abide by your wishes. Never hesitate to remove someone from these positions if you feel your trust slip.

Finally, look over the major important pieces. This often includes your will and trust. Ensure everything abides by local law. Make sure it reflects your current life situation and current wishes accurately. This way, your loved ones can follow your directions with ease.