Spring is a time of renewal and fresh starts, making it the perfect opportunity to declutter more than just your closets—it's time to refresh your estate plan too. Just as you’d dust off winter’s cobwebs, revisiting your estate plan ensures it aligns with your current wishes and life circumstances.
Much in life can change rapidly; marriages, divorces, new family additions, or even updated tax laws can impact an estate plan. Regular revisions ensure your plan reflects these changes and continues to meet your needs.
Review Beneficiary Designations
Begin by examining the beneficiaries on life insurance policies, retirement accounts, and other assets. Life events like marriage or the birth of a child can necessitate updates to your beneficiaries to ensure they reflect your current intentions. Confirm that your designated beneficiaries align with your wishes, preventing any future complications.
Health and Financial Directives
Next, assess your health care proxy, financial power of attorney, and living will. It's crucial to determine if the appointed individuals are still trusted and available. Consider a scenario where an outdated directive complicates medical decisions in an emergency, underscoring the importance of keeping these documents current.
Check Asset Titling
Verify that property titles and financial accounts are consistent with your estate plan. Newly acquired assets may not be listed, leading to probate complications. Engage an estate planning professional to address any discrepancies and ensure smooth asset distribution.
Update Trusts and Wills
Your will and trusts should be reflections of your current wishes. Changes in finances, like the acquisition of significant assets, or updated legal landscapes such as tax law revisions, may necessitate updates. Seek advice from an estate attorney to ensure your documents are amended correctly.
Making estate plan reviews a habit is essential. By adopting a regular review schedule with your estate planning professional, you ensure your affairs are always in order, bringing peace of mind to you and your loved ones.
