Spring Cleaning Your Estate Plan: Where to Start

Just as the arrival of spring inspires many to declutter their homes, it's also the perfect time to refresh your estate plan. Regularly reviewing your estate documents ensures they align with your current wishes and life circumstances. Whether due to marriage, divorce, or welcoming new family members, life changes can significantly impact your estate plan, making routine updates crucial.

Health and Financial Directives

Your health care directive and financial power of attorney are critical components of your estate plan. It's important to ensure that the individuals you've designated are still trusted and available to act on your behalf. An outdated directive could lead to unnecessary complications during medical emergencies. For instance, if a previous appointee can no longer serve due to relocation or changes in your relationship, it’s time for an update.

Beneficiary Designations

Review the beneficiaries listed on your life insurance policies, retirement accounts, and other assets. It's essential to confirm that your beneficiaries are up to date and reflect your current intentions. Life events such as marriage, divorce, or the birth of a child may necessitate changes to these designations. A mismatch between your current wishes and listed beneficiaries could lead to unintended distributions.

Asset Titling

Scrutinize the titles of your properties and financial accounts to ensure they correspond with your estate plan. Newly acquired assets or accounts can introduce discrepancies that may complicate probate. It's wise to work with an estate planning professional to correct any misalignment and ensure each asset aligns with your overall strategy.

Trusts and Wills

It's critical to revisit your will and any established trusts to confirm they still accurately represent your wishes. Changes in financial circumstances or new legal landscapes, like updated tax laws, may necessitate modifications. Consulting an estate attorney can provide the guidance needed to make these updates appropriately.

By making estate plan reviews a habit, you help safeguard your intentions against unforeseen circumstances. Consider scheduling a review with an estate planning professional to discuss your needs and ensure peace of mind for you and your loved ones as you move forward.