Preserving & Protecting Your Family’s Assets & Legacy

Are you considering reviewing your estate plan?

On Behalf of | Jul 5, 2021 | Blog, Estate Planning |

Your estate plan is an ever-evolving work in progress. After you create it, you must constantly update it. Why? Because it needs to reflect your life at its current moment, and your life undergoes many changes throughout its course.

But reviewing your entire plan can feel overwhelming at best. Are there any ways that you can cut down on the amount of work it takes to go through one?

Focus on the essentials

According to Forbes, you can easily organize your estate plan review by prioritizing the essentials. This helps you cut down on the time and effort it takes to review the plan. In doing so, you can stay on top of your reviews with greater ease. This is good news since experts suggest you review your plan at least once every 3 years.

But how do you know what the essentials are? This can differ somewhat from person to person, so you may want to seek legal help as you work through yours. But generally speaking, there are a few key factors in every estate plan that you can focus on. This includes beneficiaries, financial information and crucial components.

The constantly evolving aspects of your life

A crucial component includes things like your will or trust. These are important factors of the plan that you could not function easily without. You want to ensure that yours continue to abide by local laws and that the contents of them have not changed.

This ties into financial information and beneficiaries. Your finances change throughout your life. You want to update things like your trust and will any time you suffer a large loss or gain a sizable amount. Examples include filing for bankruptcy or coming into an inheritance. Finally, beneficiaries change just as often. People constantly come and go from your life, and you want only the right people to inherit from your estate.


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