Refresh Your Estate Plan with Spring Cleaning

Spring is in the air, and as we revitalize our homes with a good spring cleaning, it's also the perfect time to tidy up our estate plans. Just like a decluttered home brings peace of mind, an updated estate plan ensures that your wishes are crystal clear and aligned with your current life circumstances. From marriage and divorce to the joyous arrival of new family members, life events can significantly impact your estate plans, making regular reviews essential.

Where to Begin with Your Estate Plan Spring Cleaning?

• Beneficiary Designations: Review the beneficiaries on your life insurance policies, retirement accounts, and other assets. Life changes, such as marriage, divorce, or the birth of a child, might necessitate updates. Ensure your beneficiaries reflect your current intentions and estate planning goals.
• Health and Financial Directives: Reevaluate your health care proxy (medical power of attorney), financial power of attorney, and living will. It's crucial to make sure the appointed individuals are still those you trust and are available. Outdated directives can complicate emergency medical decisions, potentially leaving your close ones in a tough spot.
• Asset Titling: Verify that your property titles and financial accounts are in sync with your estate plan. Discrepancies can complicate probate proceedings, especially with newly acquired assets. It's advisable to work with an estate planning professional to rectify any misalignments.
• Trusts and Wills: Revisit your will and any trusts to confirm they still reflect your desires. With new financial or legal changes, such as tax law updates, modifications might be necessary. An estate attorney can provide invaluable guidance during this process.

Establishing a routine of frequently reviewing your estate plan can vastly improve its effectiveness. Make it a habit, perhaps around spring cleaning, to schedule a review with your estate planning professional. This ensures your estate plan remains a true reflection of your life's journey and intentions.