After creating your estate plan, you then need to go back and review it somewhat frequently. Experts often suggest a review every 3 years, or more often if you experience major life changes.
But how can you choose the right time to review your estate plan? And what parts should you review when you do?
What should you focus on?
Forbes discusses the parts of your estate plan most crucial to review. This can help you save time when you decide to review, which is one of the biggest reasons people continue to put off their reviews in the first place.
First, you want to focus on the people mentioned in your estate plan. This includes your beneficiaries and any active figures, like your healthcare proxy. These individuals will have the most to gain and the biggest responsibilities. Thus, you want to ensure they will take their duties seriously and be on your side.
Next, focus on your assets. You do not want to mention assets you no longer have, or forget to include assets that you did not have at the time. This goes for everything from financial gain or loss to the gain or loss of property or other valuable items.
When should you review?
As for when to review your plan, the biggest reasons should include the same things: assets and people. Did you recently lose a loved one? Did you become estranged from a previously listed family member? Was a new member added to your family? As for finances, did you fall into debt recently? Did you come into a big sum of money or new property? Those are all reasons to update your plan.