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What should you prioritize when reviewing your estate plan?

On Behalf of | Feb 23, 2021 | Estate planning |

Reviewing your estate plan feels like an enormous task, especially if it has many components. This may seem even more daunting if you review your estate plan as often as experts suggest, which is every three or so years. 

But fortunately, there is a way to make it more manageable. You can select which parts of your estate plan to review and work from there. 

Important documents

Forbes discusses which parts of your estate plan you should consider prioritizing above others. First, consider your most important documents. This will often include your will and trust. Your will handles all matters after your death. It determines what happens to your body, your estate, your assets and more. Your trust holds your assets. You can pass it along to loved ones after your death and decide how and when they get its contents. 

Key figures

Next, focus on key figures. This includes beneficiaries and people who manage your end of life matters. Primarily, you should focus on your health care proxy and power of attorney. They hold the most power if you become incapacitated. Thus, they should be your most trustworthy people. Know that beneficiaries will change with time, too. As people leave and enter your life, you want your plan to reflect this. 


Finally, spend time on your assets. Do you keep track of your insurance policies? What about your bank accounts? Do you have any joint accounts that you share with someone else? Do you know where the money will go when you die? You also want any big debts and gained assets reflected properly. Along with that, you want any major changes in the form of your assets reflected properly. This can include selling real estate property. 

Focusing on these points will allow you to review your estate plan in a much more manageable way.