Spring Clean Your Estate Plan for Peace of Mind

As the blossoms begin to bloom and the fresh air rolls in, many of us find joy in the tradition of spring cleaning. It’s a time to clear out the old and refresh our spaces. But have you ever considered applying this seasonal refresh to your estate plan? Just like decluttering our homes, it’s wise to revisit and tidy up your estate documents to ensure they still reflect your current wishes and life situation. This is crucial because life events such as marriage, divorce, or welcoming a new family member can significantly impact your plans.

Review Beneficiary Designations

Your first step should be to examine the beneficiaries listed on your life insurance policies, retirement accounts, and other assets. Have there been any significant life changes, like marriage, divorce, or the birth of a child? It’s essential to ensure that your beneficiaries align with your current intentions and legal documents.

Update Health and Financial Directives

Equally important is to check your health care proxy (medical power of attorney), financial power of attorney, and living will. Circumstances change, and someone who was once a trusted decision-maker may no longer be available or appropriate. Outdated directives can cause complications during medical emergencies, so review them with this year’s spring cleaning.

Check Asset Titling

Asset titling refers to how your property titles and financial accounts are set up. If you’ve acquired new assets or opened new accounts, these can cause discrepancies that complicate probate. Ensuring your asset titling aligns with your estate plan is a must, and consulting an estate planning professional is often a smart choice here.

Examine Trusts and Wills

Your wills and trusts should always be a reflection of your current wishes. Financial or legal changes, such as new tax laws, mean these documents might require updates. Review these elements with an estate attorney if modifications are necessary to keep your intentions in line.

With the freshness of spring serving as your reminder, make it a habit to annually sort through your estate planning documents. It’s not just a clean-up but a reassurance that your plans for your loved ones are up to date and reflective of your current desires. Consider setting an appointment with an estate planning professional to ensure all is in order and to enjoy peace of mind knowing your estate is well-managed annually.