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How should you tackle estate plan review?

Your estate plan has many different parts to it. Because of this, the idea of doing a full review may seem like an enormous feat. This is especially true if you plan on taking expert advice and doing a review every 3 years.

Fortunately, you do not have to review every part of your estate plan every time you look it over. In fact, it would benefit you to focus on just a few parts unless big changes to your life demand a more scrutinizing look.

Key figures and elements

Forbes discusses what parts of your estate plan to focus on during the review. In specific, they talk about key elements, key figures and key asset changes. Key elements often include your will and trust. These are two of the most important components of your estate plan. You should always give them a quick check to ensure they align with your current wishes, especially your will.

Key figures include your beneficiaries, health care proxy and power of attorney. Beneficiaries will claim the most benefit from your assets. They also change the fastest. People enter and leave your life all the time for various reasons. You want to ensure your loved ones get what you want them to have. You also want to remove anyone who is no longer part of your life for whatever reason.

Meanwhile, your health care proxy and power of attorney hold the most power in your end-of-life situation. They make legal and health decisions for you. Thus, you want to trust them to make the same choices you would.

Changes to your assets

Finally, you want to report all financial changes. This includes any large net gains or losses, such as inheritance or debts. It also includes transferring assets from one form to another, like selling property. If you focus on these things, it can make the review process much more streamlined.


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