Spring Cleaning Your Estate Plan

Spring is often seen as a time for renewal and fresh starts. Much like we declutter our homes at this time of year, it's equally important to refresh and rejuvenate your estate plan. Just as a tidy home brings peace of mind, an updated estate plan ensures your wishes are honored and your loved ones are taken care of. Life doesn't stand still—marriages, divorces, and the birth of new family members all impact your estate plans. Regular updates are not just advisable; they're essential.

Beneficiary Designations

Your life insurance policies, retirement accounts, and other assets probably have named beneficiaries. But do these reflect your current wishes? Life events such as marriage, divorce, or the birth of a child profoundly impact who you wish to inherit from you. Verify that each beneficiary is up-to-date and aligns with your current intentions.

Health and Financial Directives

Review your health care proxy (medical power of attorney), financial power of attorney, and living will. It’s critical that the individuals appointed in these roles are still those you trust implicitly and who are available to act on your behalf. Imagine the complications in a medical emergency with outdated directives—make sure yours are current and clear.

Asset Titling

Asset titling is another critical component of your estate plan. Over time, you may have acquired properties or opened new accounts that don't align with your existing plan. Ensure all titles and accounts support the ease of transfer you desire and consider consulting with an estate planning professional to correct any misalignments.

Trusts and Wills

Finally, delve into your trusts and wills. Do these documents still depict your current wishes and realities? Financial landscapes and laws constantly evolve. What may have been an appropriate plan previously might now require updates due to new tax laws or considerations. Consulting with an estate attorney is invaluable if changes are in order.

Making a habit of reviewing your estate plan is an act of care and foresight for both you and your family. As you embrace the tradition of spring cleaning, remember that your estate plan deserves the same refreshment. To facilitate this, consider scheduling a review with an estate planning professional today to ensure your wishes are consistently up-to-date.