Spring is not only the perfect time to clean out closets and freshen up our homes, but it’s also a great opportunity to revisit and clean up our estate plans. Just as we declutter our living spaces, keeping our estate plans in order can ensure everything aligns with our current circumstances and wishes. Life changes such as marriage, divorce, or the addition of new family members can significantly impact these plans, so regular updates are essential.

Review Beneficiary Designations

Begin by reviewing the beneficiaries named on your life insurance policies, retirement accounts, and other assets. Life changes like marriage, divorce, or the birth of a child can affect who you want to benefit from your estate. It’s crucial to ensure these designations are current and mirror your present intentions.

Assess Health and Financial Directives

Next, examine your health care proxy (medical power of attorney), financial power of attorney, and living will. It’s vital these documents reflect who you trust most in the event of a medical emergency. Outdated directives can lead to complications, so make sure the appointed individuals are still suitable and available.

Check Asset Titling

Ensure that the titles on your properties and financial accounts are consistent with your estate plan. New assets or accounts acquired could lead to discrepancies that complicate probate. It’s advisable to work with an estate planning professional to address any misalignments.

Update Trusts and Wills

Review your wills and trusts to verify they still align with your wishes. Financial or legal changes, such as updates in tax laws, might require modifications to your documents. Consulting an estate attorney for potential adjustments ensures your plan remains effective.

Make estate plan reviews a regular habit, just like spring cleaning your home. Scheduling regular check-ins with an estate planning professional can help maintain the effectiveness of your plan, safeguarding your intentions for the future.