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Principled Advocacy For Families And Individuals With Disabilities And The Professionals Who Serve Them

How do I audit my estate plan?

| Oct 22, 2020 | Estate Planning

You may know that you need to review your estate plan often and make changes when something changes in your life, but do you know how to do that? Auditing your estate plan can help you to avoid mistakes and reduce issues. 

Forbes explains that during an audit, your goal is to ensure that your estate plan matches your current goals. If you find things that do not match up, then you will know where you need to make changes. 

Where to start

You want to start with identifying your current goals. If you do not know your goals, then you will not be able to conduct an audit properly. Take some time to determine what you want to happen after your death. Make your goals detailed to ensure your estate plan matches them precisely. 

Review your documents

You want to go through every document in your estate plan. Make sure you check all the details, including names, instructions and dollar amounts. Double-check any additional legal steps that your heirs might have to make and see if you can eliminate them, such as transferring a title. 

Ensure your plan accounts for everything

While you are auditing, make sure that your estate plan accounts for situations other than your death. For example, do you have a plan for making medical decisions on your behalf or do you know that would happen if you become unable to make any decisions for yourself? Ensure your plan covers all possibilities. This will make it as powerful as possible and give you the most control over what happens to your estate in the future.