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How should you structure your estate plan review?

On Behalf of | Sep 1, 2021 | Estate Planning

After creating your estate plan, you will still have many more steps to take in the overall maintenance and upkeep of your estate. After all, you need to ensure that your estate itself reflects every change in your life.

Consistent reviewing can sometimes grow tedious for some. Thus, it is important to know how you should structure and time your review to maximize benefits and minimize hassle.

Focusing on assets

Forbes takes a look at your estate plan review and ways you can structure it. They suggest by starting with the aspects of your plan that face the most change. This often includes matters of assets and beneficiaries.

First, assets will change any time you come into or lose a significant sum of money. This can include falling into debt or gaining an inheritance. You also want to report changes in the form that your assets take. For example, you may sell a property, which results in the loss of the property itself but causes a financial gain.

Paying attention to beneficiaries

Beneficiaries include anyone who will stand to gain something from your estate after your passing. This can include people on your life insurance policies, those listed on your trust, and anyone you have put in your will. These names may change often, too, as family members leave, pass away or you otherwise change your opinion about their involvement or lack thereof.

Experts suggest you review your plan at least every three years even when nothing major has changed. Outside of that, consider looking over any relevant sections any time something big changes, especially in the aforementioned areas.