After creating your estate plan, you must also review it periodically. But you do not always have to review the entire estate plan in one go. In fact, you can sort your review based on priority.
Most experts will suggest that you focus on your beneficiaries as one priority. But why are they important to focus on?
Who are your beneficiaries?
Forbes examines which parts of the estate plan you may want to review immediately. They also single out beneficiaries as an important aspect to focus on. This is primarily due to the fact that beneficiaries will often change as your life continues to move forward.
A beneficiary is anyone who has something to gain from your estate after your death. This can include parents, children, siblings, other family members, friends or community members. But as we all know, the people in your life can come and go without warning.
Why do beneficiaries change?
Perhaps you lose a loved one through an unexpected death. Maybe you divorce a spouse. You and a friend might go your separate ways. On the other hand, you may remarry. You might adopt a new child into your home. You could make new life-long friends.
Any time these relationship dynamics change, you want your estate plan to reflect it. After all, you likely do not want an ex-spouse getting half of your estate. You also do not want to leave any new members of your family out of your will or trust simply because you did not get around to adding them.
If you would like further guidance as you work on your update, consider contacting legal help. They can help streamline the experience.