Crafting your estate plan can take years at a time. Reviewing it is not always an easy task, either. This puts some people off, despite the importance of somewhat regular reviews.
Fortunately, there are ways you can organize your estate plan review to make it easier on you. But how can you start with this prioritization?
Crucial components of a plan
Forbes offers advice regarding what parts of your estate plan you may want to review first. You can divide important parts of your plan up into separate categories and work from there. The two most important ones are: crucial components and key figures.
A crucial component of an estate plan can include things like your trust or your will. Without these pieces, the estate plan itself would hold no purpose or cease to function. Always ensure that these components are up to date with your current life circumstances. This is especially true of your will, which determines everything that happens after your death.
Who are the key figures?
Key figures of your estate plan can also tie into your will. For example, beneficiaries often act as key figures. They can also change quite frequently, due to the malleable nature of relationships. Any time you gain or lose a loved one, you want to change your will and any other aspects these people may tie to. For example, you do not want to accidentally leave an ex-spouse listed on a life insurance plan.
Finally, there are key figures who take an active role in your end-of-life stages. This can include a power of attorney and a healthcare proxy. These people will act in your stead if you no longer can. They make financial, legal and medical decisions for you. Thus, you always want to keep these names updated and reflecting who you trust most.