Refresh Your Estate Plan Like a Spring Cleaning

Spring is synonymous with rejuvenation and new beginnings, making it the perfect time to refresh your estate plan just as you would declutter your home. Regularly revisiting your estate plan ensures it aligns with your current wishes and life's ever-changing circumstances—from marriage and divorce to the birth of a new family member.

 

Beneficiary Designations

Begin by reviewing the beneficiaries on your life insurance policies, retirement accounts, and other financial assets. This step is crucial, especially after significant life events like marriage or divorce. Ensuring these designations reflect your current intentions helps avoid future disputes and aligns with your life's evolution.

 

Health and Financial Directives

It's vital to periodically review your healthcare proxy, financial power of attorney, and living will. These documents dictate who makes decisions on your behalf if you're incapacitated. If your current appointees are no longer suitable, updating these directives will avert potential complications in emergencies.

 

Asset Titling

Ensure your property titles and financial accounts match your estate plan. Misaligned titles, especially with newly acquired assets, can complicate probate or contradict your wishes. Consulting with an estate planning professional can correctly align these with your plan.

 

Trusts and Wills

Review your trusts and will to ensure they reflect your present objectives and any changes in financial or legal landscapes, such as new tax laws. If modifications are necessary, consulting an estate attorney will provide clarity and security.

Making estate plan reviews a regular habit, much like spring cleaning, ensures your intentions are treasured and respected. Consider scheduling a thorough review with an estate planning professional to keep everything in order.