A New Season, A New Perspective

As the sun starts to shine brighter and the flowers begin to bloom, many of us turn our attention to spring cleaning—decluttering our homes and starting fresh. But have you thought about applying that same refreshing mindset to your estate plan? Just like the piles of papers and unworn clothes in your closet, your estate plan might need a little tidying up to reflect your current life and goals.

Review Beneficiary Designations

Life is full of changes, and these changes can impact who you'd like to benefit from your assets. Take a moment to review the beneficiaries on your life insurance policies, retirement accounts, and other financial assets. Have you experienced a marriage, divorce, or perhaps the joy of a new family member? Make sure your beneficiary designations align with your current intentions to avoid unwanted surprises.

Health and Financial Directives

Your health care proxy, financial power of attorney, and living will are essential components of your estate plan. Are the individuals you appointed still the best choice for these significant roles? Outdated directives might lead to complications in medical emergencies, so ensure those named are still trusted and available.

Check Asset Titling

Property titles and financial accounts need to be consistent with your estate plan. Have you acquired new assets recently? If so, discrepancies might arise, complicating probate and the intended flow of inheritance. An estate planning professional can assist in aligning everything as it should be.

Assess Trusts and Wills

When was the last time you looked at your will and any established trusts? Life's financial and legal landscape can shift—such as with new tax laws—necessitating updates in your documents. Consulting with an estate attorney will ensure they still reflect your current wishes and meet legal requirements.

Create a Habit

Just as you schedule regular cleaning and maintenance tasks at home, make reviewing your estate plan a routine practice. Set a date with an estate planning professional to make it happen. Regular reviews ensure your intentions are up to date and legally sound, offering peace of mind for you and your loved ones.