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COVID-19 Update: We are working and here to help. The probate courts are open and we are continuing to file cases. Please email Attorney Nicole Morris at [email protected] if you have questions. Stay safe, we will get through this stronger together.

What should you prioritize when reviewing your estate plan?

| Feb 16, 2021 | Firm News

You understand the importance of reviewing and updating your estate plan. Still, estate plans are often big, complex matters. The idea of going through it may make you feel like putting it off indefinitely.

Fortunately, you can and should prioritize what you review. A time will come when you should review the entire plan, but for simple routine checks, this is not necessary.

The people

Forbes takes a look at how to prioritize your estate plan review. They focus on assets and the people mentioned in your estate plan. First, you have your health care proxy and power of attorney. These people hold a massive amount of control in the end stages of your life. They often make all the legal and medical decisions for you if you become incapable of doing it yourself. Thus, you always want to be on excellent terms with both. If you have a falling out with one or the other, you should seek an immediate replacement.

As for beneficiaries, you want to check who gets retirement accounts, life insurance money and brokerage accounts. Do not forget to review joint bank accounts, too. Ensure everyone listed is still someone you want enjoying the benefits of your estate.

The finances

For finances, you always want to take a look at your trust. Identify who will get the assets. Make note of how and when the assets get distributed to beneficiaries. Remove any excess beneficiaries and add any new ones.

Finally, review your will, too. After you die, your power of attorney and health care proxy’s power ends. From here, your will holds the power. You want it to reflect your end of life and death wishes as accurately as possible.