What should you know about estate plan reviews?

On Behalf of | Sep 23, 2022 | Estate Planning

The prioritization of estate plan reviews is a crucial part of the process. After all, reviewing the entire estate plan every three years is a monumental task, and many people will skip out on doing so simply because of how daunting it seems.

Breaking up this review through prioritization is the best way to ensure that the reviews happen at all.

Focusing on assets

Forbes discusses estate plan reviews and what to know about prioritizing. First, it is always important to pay mind to assets and property. This includes every area of an estate plan that involves a person’s physical property, money, bank accounts or other sources of income.

It is important to review assets because they make up a crucial part of an estate plan. After all, beneficiaries often rely on the assets they receive in a will. If a will does not accurately reflect any gains or losses that occurred between the original draft and the decedent’s passing, it creates legal trouble for just about everyone.

Reviewing beneficiaries

Related to that, it is also important to review the sections of an estate plan that involve beneficiaries. Over time, a person may want to change who gets anything from their estate. They could want to remove certain people because of falling outs, divorces or even the untimely death of the beneficiary in question. They may also want to add new beneficiaries as more people enter their life.

If a person has the time or energy to review more than these sections, they can do so. But generally speaking, these two topics are the most important.