Spring Clean Your Estate Plan: A Fresh Start

As blossoms bloom and the promise of renewal fills the air, it's the perfect time to think about more than just cleaning out your closets. Spring cleaning can apply to your estate plans too, ensuring they are as up-to-date and reflective of your current wishes as your freshly organized home.

Life doesn't stand still, and neither should your estate plan. Major life changes like marriage, divorce, or welcoming a new family member can all have significant impacts on your estate. Just as spring cleaning helps clear physical clutter, reviewing your estate documents helps clear up any potential legal discrepancies.

Beneficiary Designations

Start by reviewing the beneficiaries on all life insurance policies, retirement accounts, and other key assets. Events like marriage or the birth of a child can necessitate changes. Ensure your beneficiary designations align with your current intentions to avoid unintended allocations.

Health and Financial Directives

Next, assess your health care proxy (medical power of attorney) and financial power of attorney. Are the individuals you've named still the ones you trust and who are available? Outdated directives can create complications in emergencies, as seen in cases where proxies were unable to make crucial decisions.

Asset Titling

Examine how your properties and financial accounts are titled. Mismatches between asset titles and your estate plan might lead to probate delays. Consider consulting an estate planning professional to ensure everything aligns properly, especially after acquiring new assets.

Trusts and Wills

Finally, review your will and trusts. Changes in financial circumstances, such as shifts in tax laws, might require updates. Seek advice from an estate attorney to verify that your legal documents still reflect your desires.

Integrating these reviews into your regular spring cleaning routine can save time, stress, and money in the long run. Consider scheduling a meeting with an estate planning consultant to help ensure everything is in top shape for the years ahead.