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How should you tackle your estate plan review?

Creating an estate plan is an endeavor that takes many years. Likewise, reviewing your estate plan also takes a lot of time and effort. But there are ways you can streamline it, too.

The best way to do so is by deciding which parts of your plan to prioritize. After all, you do not need to look over the entire plan every time you do a standard review.

Narrow down to a few key points

Forbes discusses which parts of your estate plan you may want to tackle first. They focus on the people, the money and the key components. For people, this includes important figures and beneficiaries. Your beneficiaries will receive things from your estate, trust and so on after your death. This may include family, relatives and significant others. It can also include friends and loved ones of any sort. But beneficiaries often change the most, due to the nature of relationships.

Finances and people

Important figures are important to keep track of, too. This may include a power of attorney or a healthcare proxy. These people handle the most important parts of your end-of-life care. Thus, you want to ensure they are always on the same page and willing to do what they can for you.

Money includes all financial aspects of your estate. This may include your will or trust, which are also crucial components. It may also include things you should check when reviewing beneficiaries, like life insurance policies or joint accounts.

Aside from the key components mentioned above, you also want to check medical directives and end of life planning documents. This way, you can ensure that your death goes the way you planned.

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