Serving Generations Of Clients For More Than Four Decades

What should you prioritize in your estate review?

On Behalf of | Apr 1, 2021 | Firm News |

Creating an estate plan is already a time-consuming and difficult process. The idea of reviewing it frequently may seem like an even bigger task, especially since experts suggest you do so every three years.

But there are ways you can prioritize your review that will make it pass more smoothly.

Crucial parts of your estate plan

According to Forbes, there are certain areas of your estate plan that you can prioritize for review. These areas include your trust, will and the people mentioned in your plan.

Your trust and will both contain important parts of planning for what happens after your death. You can distribute assets through your trust. This includes deciding who gets what, and when they will receive it. Your will handles important information like discussing what you want done with your body and your possessions after your passing.

Passive and active key figures

The people mentioned in your plan are also important. This includes passive and active figures. Passive figures include your beneficiaries. These people will gain something from your estate plan after your death. For example, one might inherit property in your will. Another could gain all the funds in a joint account. Yet another might benefit from a life insurance policy.

Active figures will actually take a role in your end-of-life situation and may help beyond it, too. For example, you may have a healthcare proxy who handles medical decisions for you in the event that you become incapacitated. You may also have a power of attorney, who handles legal matters on your behalf.

If you focus on these when doing a review, you can usually cover the most important topics without putting too much stress on yourself.

Share This