Spring Clean Your Estate Plan: Refresh Checklist

Spring is here, and while most people focus on decluttering their homes, it's also the perfect time to refresh your estate plan. Just like you wouldn't leave old clutter around your house, you shouldn't let outdated estate documents gather dust. Regularly reviewing your estate plan ensures it aligns with your current wishes and life situations.

As life unfolds, changes like marriage, divorce, or the addition of family members can significantly impact your estate plan. Hence, keeping it updated is essential. Here’s a friendly guide to what you should consider when spring cleaning your estate plan:

Beneficiary Designations

Life changes can affect who benefits from your assets. Review your life insurance, retirement accounts, and other assets to ensure beneficiaries still align with your intentions. A marriage, divorce, or the birth of a child could alter your wishes, so make sure these are up to date.

Health and Financial Directives

Check your healthcare proxy, financial power of attorney, and living will. It's important that the individuals you've appointed are still both trusted and available. For instance, if someone you trusted before is no longer in your life, this could complicate decisions during a medical emergency, emphasizing the need to update these directives.

Asset Titling

Ensure your property titles and financial accounts are consistent with your estate plan. Adding new assets or accounts can create discrepancies that may complicate probate. Working with an estate planning professional can help correct any misalignments.

Trusts and Wills

Your will and trusts should reflect your current financial and legal circumstances. Changes in tax laws or personal finances might require updates. Consulting with an estate attorney can offer guidance if modifications are needed.

Making a habit out of reviewing your estate plan not only keeps your affairs in order but provides peace of mind. Consider scheduling a routine check-up with an estate planning professional to ensure everything is as it should be.