Working on an estate plan review can feel like a gigantic and overwhelming task. This is especially true for those of you with complex estates. But there are ways you can streamline the review and make it easier on you.
One of the best ways to do this is by grouping the things you need to prioritize into categories. You can work from there and decide what things you can eliminate.
Focusing on your finances
Forbes goes into detail discussing what parts of your estate plan to prioritize in review. In general, you should focus on matters that relate directly to your finances. This can include any bank accounts you have, along with your will and trust. Your financial situation will change frequently throughout your life, and it is one of the most crucial factors in your estate plan. Thus, you always want to ensure that your estate plan reflects your current reality.
Crucial figures in your plan
The people in your estate plan are also subject to change. This includes beneficiaries and active figures. Beneficiaries have something to gain after your death. For example, a beneficiary is someone you list in your will for inheritance of assets. A beneficiary is also whoever will gain something from your insurance policy, or any benefits like military spousal benefits.
Active figures take an active role in your end of life stages. They will usually manage your finances and can even make health care calls on your behalf if you cannot. Such figures include your power of attorney and healthcare proxy.
Needless to say, you want to be on good terms with all of these people. You can and should remove anyone from your will that you no longer have contact with. These two categories alone often suffice for a short review.