What should you review first in your estate plan?

The idea of reviewing your entire estate plan may seem daunting at first. After all, estate plans often take years to put together in the first place. But fortunately, you do not need to review the entire thing every time. 

In fact, experts often provide lists and opinions regarding what areas of your estate plan to prioritize during review. This allows you to narrow your focus and achieve faster results. 

Important documents in your estate plan

Forbes examines the most important parts of your estate plan when it comes time to review. For example, they suggest spending time focusing on your trust and will. Your will is one of the most important documents involved in your estate plan. It dictates what happens to your assets after you die, how you want your body handled and more. Your trust is also crucial. You must decide how you want the assets it holds divided and when to divide them. 

Beneficiaries and other crucial figures

You should also focus on your beneficiaries. Review who will benefit from your retirement accounts and life insurance policies. Check any brokerage accounts. Determine who will gain what from your trust. Make sure to remove any beneficiaries who you no longer have contact with for whatever reason. 

Review your healthcare proxy and power of attorney, too. These individuals hold a great deal of power in your end of life experience. You want to trust that they will abide by your wishes, fulfill your desires and carry everything out according to plan. 

Once you narrow down your focus, you will find that reviewing your estate plan is not as difficult as it seems. You can tackle it in manageable chunks, allowing you to get through a review once every few years. 



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