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How should you tackle estate plan reviews?

On Behalf of | Jul 1, 2021 | Blog, Estate Planning |

When examining your estate plan reviews, it is important to know how you want to organize and tackle the process. After all, most estate plans are complex pieces of legal work that take months or even years to build. You do not want to spend copious amounts of time examining them.

But how do you know where to start in the organization process? There are many different areas you can begin from.

Changes to beneficiaries

Forbes examines certain parts of your estate plan that you should review first. They suggest focusing on the ones that are most likely to change. This often includes financial matters and beneficiaries.

Beneficiaries include anyone with anything to gain after your death. Examples include people you mention in your will, along with anyone on your life insurance policies. Those mentioned in your trust also fall under this category.

As you go through life, your beneficiaries will likely come and go as well. You may lose some through unforeseen events like sudden death or an unanticipated falling out. You may simply grow distant and go your separate way from others. People will enter your life, too. A new child may enter the family. A relative may marry someone that you grow close to. You must update your estate plan to reflect these changes.

Changes to finances

Financial information is also constantly fluctuating. You do not need to change your estate plan any time you gain or lose money. But you should in the event of large changes, such as sudden enormous financial gain or loss. Examples may include coming into an inheritance or falling into debt.

If you want to learn about other facets you may wish to review, consider discussing the matter with legal help.

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