You likely know that you should update your estate plan regularly to adjust it to the changes in your life or finances. You should always work towards an airtight plan that will leave your heirs in a good position upon your death.
Forbes explains there are a few steps you can take to improve upon your estate plan even if you already think it is as good as it will get.
Double-check your life insurance
Financial needs change a lot. Sometimes, they change over the course of a year depending on what is happening with the economy. So, you need to stay on top of your life insurance. Make sure it makes sense. Do the math and take the time to see if your insurance will provide your loved ones the coverage that they need, and if it does not, make changes.
It is often easy to forget about accounts you hold that have beneficiaries. However, it is essential to continue reviewing these often because they will pass right to the named person upon your death. They will not go through probate or have judicial oversight. If you have someone as a beneficiary that you no longer want in that position, there is nothing anyone can do unless you change it before your death.
Consider charitable giving
If you give to charity now, then you may want to include charitable giving in your estate plan. In looking over your plan, you may see that your loved ones will be financially sound and that you have some extra funds. You can incorporate charity into your estate plan and ensure that upon your death, an organization that means a lot to you will receive a nice gift.