Spring Clean Your Estate Plan: A Step-by-Step Guide

Spring is a time for rejuvenation and revitalization—a perfect opportunity not just for tidying your home, but also refreshing your estate plan. Just as you declutter your living space, reevaluate your estate documents to ensure they reflect your current wishes and life circumstances. This process is essential, especially as life changes like marriage, divorce, or the arrival of new family members can significantly impact your plans.

Beneficiary Designations

Start by examining the beneficiaries on your life insurance policies, retirement accounts, and other assets. Major life events such as marriage, divorce, or welcoming a child into your family necessitate a review of these designations. Ensure your beneficiaries are up-to-date and aligned with your current intentions.

Health and Financial Directives

Reviewing your health care proxy, financial power of attorney, and living will is crucial. As lives evolve, so do relationships of trust. Confirm that the people you've appointed are still trusted and available. Outdated directives might lead to complex situations in medical emergencies, underscoring the need for regular updates.

Asset Titling

Next, check that property titles and financial accounts are consistent with your estate plan. Newly acquired assets or accounts might create discrepancies that could complicate probate. Consulting with an estate planning expert can help resolve any misalignments and streamline the process.

Trusts and Wills

Your will and any trusts should accurately reflect your current wishes. Financial and legal landscapes change over time, with new tax laws potentially impacting your estate plan. If updates are necessary, consider seeking advice from an estate attorney to ensure your documents are well adjusted and compliant with any new laws.

Making estate plan reviews a habitual practice can save you and your family significant stress. Consider scheduling regular reviews with an estate planning professional to keep everything in line with your evolving life and intentions.