After creating an estate plan, experts generally agree that you should review it at least every 3 years even if nothing is currently changing in your life. This allows you to refresh your memory on what you wrote before and ensure everything still reflects your desires.
But reviewing the entire estate plan often feels like an enormous feat. Many people end up putting off their review because it simply seems like too much to manage at once. So how can you break this task down into manageable portions?
Forbes takes a look at the potential ways in which you can streamline your estate plan review. One of the best ways is simply by only focusing on the most important parts of it. The rest, you can simply focus on if changes in that area of your life occur.
Their suggestions for focus topics include: assets and finances, and people. The assets and finances can include anything that involves your money, bank accounts or physical property and items. Needless to say, it is important to keep this up to date because your beneficiaries are relying on it being accurate. What happens if you give away something you no longer have? Or forget to mention something you recently acquired? It creates a legal headache for everyone.
The people involve both key figures and beneficiaries. Beneficiaries will gain something from your estate, whether through your will, through life insurance policies or more. Key figures play an active role and include your healthcare proxy and power of attorney. These people – especially beneficiaries – may change multiple times throughout your life. You want your estate plan to reflect your most current circumstances, especially when it comes to key figures. After all, your health and finances are quite literally in their hands.