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How can you streamline your estate plan review?

On Behalf of | Jul 16, 2021 | Estate Planning |

After creating an estate plan, you also need to maintain it throughout the years of your life. After all, an outdated estate plan is only slightly better than no estate plan at all. However, reviews often seem daunting due to the sheer size or complexity of your estate.

In order to help yourself get through reviews, you can streamline the process. But what is the best way to do so?

Streamline your review process

Forbes discusses ways to make your estate plan review go faster. First, understand when you need to review your plan and set up a schedule that you can stick with. This can help you eliminate worries about whether or not you have reviewed in a while.

Experts suggest looking over your plan once every three or so years if you have not faced significant changes in your life. If you have, they suggest reviewing the specific affected areas as soon as possible. For example, if you divorce a spouse, you will likely want them out of your will and off of your trusts immediately.

Learning how to prioritize

Next, know what to prioritize. Some areas of your life will always see more change than others. For example, your beneficiaries may change many times in your life as you gain relatives and loved ones or lose them. Financial situations also change often, but you only need to concern yourself with updates for major alterations such as falling into debt or earning a large sum of money.

You can also discuss further ways to streamline with your attorney, who will make it as easy as possible so you can stay on top of your plan.



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