Spring is in the air! With it comes the tradition of decluttering and freshening up our homes. But why stop there? Just like with spring cleaning your house, it's equally crucial to refresh your estate plan. Reviewing these vital documents ensures they align with your current wishes and life circumstances, whether you've recently married, divorced, or welcomed a new family member. Regular updates keep your intentions current and protect your loved ones.

Key Areas to Review

Beneficiary Designations

First, check the beneficiaries listed on your life insurance policies, retirement accounts, and other assets. Life changes—like getting married, divorced, or having a child—can greatly affect these designations. It's important to confirm that these align with your current intentions to prevent complications later on.

Health and Financial Directives

Review your health care proxy (medical power of attorney), financial power of attorney, and living will. Ensuring the appointed individuals are still trusted and available is crucial. Imagine an outdated directive leading to complications during a medical emergency—a situation no one wants to face.

Asset Titling

Examine your property titles and financial accounts to ensure they align with your estate plan. Newly acquired assets or accounts can create discrepancies, complicating probate. This is where working with an estate planning professional can help rectify misalignment.

Trusts and Wills

Review your wills and trusts to make sure they reflect your current wishes. Financial or legal changes, such as new tax laws, might necessitate updates. If modifications are needed, consult an estate attorney.

Regularly reviewing your estate plan is an essential habit to form. Consider scheduling a review with an estate planning professional to ensure your plans are up-to-date and comprehensive. Like refreshing your home during spring cleaning, refreshing your estate plan provides peace of mind for you and your family.