Spring Cleaning Your Estate Plan: A Fresh Start

Just as we take the time each spring to refresh our homes, clearing out clutter and making space for new beginnings, it’s equally important to revisit and refresh our estate plans. Think of it as decluttering your future. Estate plans reflect your wishes and ensure your loved ones are well taken care of, but these documents can quickly become outdated with the constant changes in our lives. Regularly reviewing them guarantees they still fit your current life circumstances and intentions.

Beneficiary Designations

One of the most critical parts of this process is updating beneficiary designations on life insurance policies, retirement accounts, and other financial assets. Life changes such as marriage, divorce, or the birth of a child might alter who you wish to benefit from your estate. It’s essential to confirm these designations are current and reflect your present-day intentions.

Health and Financial Directives

Advance Directives (sometimes called medical powers of attorney or living wills) and financial powers of attorney are essential documents that require regular updates. It’s crucial to ensure that the individuals you have appointed are still trustworthy and available to fulfill their roles. Outdated directives and powers of attorney could lead to significant issues during medical emergencies or financial crises, including the need for court intervention.

Asset Titling

Ensuring that your property titles and financial account setups align with your estate plans is vital. New assets or accounts might not be automatically included in your plans, creating probate complexities upon death. Assets owned with survivorship can completely bypass your Will or trust.  Consulting with an estate planning attorney can help you correct any discrepancies and prevent legal complications.

Trusts and Wills

Your will and any trust arrangements should be reviewed to ensure they reflect your current wishes and any changes in the law.  It’s advisable to seek the guidance of an estate attorney to adjust these documents as needed.

Making estate plan reviews a regular habit can offer peace of mind and safeguard your loved ones’ future. Consider this spring as an opportunity to schedule a review with your estate planning attorney to ensure everything is in order.