After you finish creating your estate plan, you must go back and revisit it every so often. You want to ensure it remains up to date with your current life circumstances. But reviewing your entire estate plan every few years is a Herculean task. Is there any way to make it more manageable?
Fortunately, you do not have to review the entire plan every single time. In fact, you can narrow down your prioritization to just a few areas.
Focusing on the people
Forbes looks into what parts of your estate plan you may want to prioritize during review. They often involve the people you mention, or your assets. For example, you should update your beneficiary designation to reflect your current relations. Review who gets your retirement accounts and who benefits from your life insurance policies. Check out any brokerage accounts, too. Make sure you are still on good terms with anyone you hold a joint account with.
Consider reviewing your healthcare proxy and power of attorney, too. These individuals will hold a lot of power after your death or in the event of your incapacitation. You want these people to come through for you, to have your best interests in mind and to treat you with dignity and respect.
Focusing on the assets
Finally, review your will and trust. These are two of the most crucial aspects of your estate plan, after all. Make sure you lay everything out according to your current desires and means. Identify who will receive assets and decide how to hand them out.
Experts suggest you review your estate plan at least once every 3 years, barring major life changes. By prioritizing your review, you can make the entire thing seem less daunting.