Spring Clean Your Estate Plan: A Fresh Start

Spring is here, and for many, that means it’s time to clean out the garage or toss the clutter that’s accumulated over the winter months. But what about your estate plan? Just as we spring clean our homes, it’s equally important to refresh and update your estate plan to ensure it aligns with your current life circumstances and wishes.

Over time, changes in your life such as marriage, divorce, or the arrival of a new family member can impact your estate plan, making regular updates essential. Let’s explore some key areas you should review.

Review Beneficiary Designations

It’s crucial to examine and update the beneficiaries on your life insurance policies, retirement accounts, and other assets. Life changes such as marriage, divorce, or welcoming a child can alter who you want to benefit. Ensuring your beneficiaries are up to date helps your estate intentions remain clear and respected.

Check Health and Financial Directives

Review any health care proxy (medical power of attorney), financial power of attorney, and living will you have in place. It’s essential to confirm that the individuals appointed are still trusted and available. Outdated directives could lead to potential complications in medical emergencies, where swift and accurate decisions might be required.

Evaluate Asset Titling

Are your property titles and financial accounts properly aligned with your estate plan? Mismatches, especially with newly acquired assets or accounts, can complicate the probate process. Consult an estate planning professional to correct any inconsistencies you find.

Update Trusts and Wills

It's important to review your will and trusts regularly to ensure they still reflect your wishes. Changes in financial situations or new tax laws may require modifications. An estate attorney can provide valuable guidance in this area.

Establishing a habit of regularly reviewing your estate plan can save you and your loved ones from future stress and complications. Consider scheduling a review with an estate planning professional to keep everything up-to-date, securing peace of mind for you and your family.