Dust Off the Cobwebs of Your Estate Plan

Just like your living spaces gather dust over time, your estate plan can also become cluttered with outdated details. The onset of spring brings a sense of renewal and it's a perfect opportunity to review your estate plan. Imagine you're tidying up your garden — it's time to prune, plant, and ensure everything flourishes. Similarly, your estate plan needs regular upkeep to reflect your current wishes and life status.

Beneficiary Designations

Begin with reviewing the beneficiaries on your life insurance policies, retirement accounts, and other assets. Life changes, such as marriage, divorce, or the birth of a child, can significantly impact who you want to benefit from your estate. Updating these designations is crucial to ensure they align with your current intentions and prevent unintended allocations.

Health and Financial Directives

A key player in your estate plan is your health and financial directives. Examine your health care proxy, financial power of attorney, and living will to guarantee that the persons you've appointed are still the right choices. Consider a scenario where an outdated directive leads to unwanted complications during a medical emergency — such situations highlight the importance of keeping your directives current and accurate.

Asset Titling

Next, analyze the titles of your properties and financial accounts to confirm they are aligned with your estate plan. Additions to your assets, such as buying new property or acquiring new accounts, can lead to discrepancies that complicate probate. It's advisable to consult with an estate planning professional to rectify any inconsistencies to ensure a seamless transition of your assets.

Trusts and Wills

Lastly, revisit your wills and trusts. Confirm that they are still valid and reflect your current wishes. Changes in financial or legal regulations, like new tax laws, might necessitate updates. If modifications are needed, seeking advice from an estate attorney can provide clarity and guidance to keep your documents effective and legally sound.

Keep the Cycle Going

Establishing a habit of regular reviews can safeguard your estate plan's effectiveness. Consider scheduling a periodic check-in with an estate planning professional to maintain a well-organized and updated estate, ensuring all your wishes are honored.