Spring is in the air, and as many of us are dusting off the cobwebs, decluttering our homes, and breathing new life into our spaces, it's the perfect time to give your estate plan a fresh look, too. Just like you wouldn’t leave your home in disarray, your estate plan needs regular tidying to ensure it aligns with your current wishes and circumstances. Life's milestones—such as marriage, divorce, or welcoming new family members—often necessitate updates to your plans, making this seasonal routine crucial.
Beneficiary Designations
Begin by reviewing the beneficiaries on your life insurance policies, retirement accounts, and other assets. Life changes like a new marriage, a separation, or the birth of a child can significantly impact your intentions. Confirm that your beneficiaries reflect your present intentions and are up to date.
Health and Financial Directives
Next, take a look at your health care proxy and financial power of attorney. These directives ensure your medical and financial needs are met according to your preferences in case of emergencies. It is crucial to verify that the individuals you have appointed are still trusted and available to act on your behalf. Outdated directives might lead to stressful complications during medical emergencies.
Asset Titling
Check that your property titles and financial accounts align with your estate plan. Newly acquired assets or accounts may disrupt your intended distribution and complicate the probate process. Working with an estate planning professional can help you correct any misalignment.
Trusts and Wills
Review your will and trusts to make sure they still embody your wishes. Changes in financial or legal circumstances, such as new tax laws, might mean modifications are needed. Consulting an estate attorney can help ensure your documents are properly updated and valid.
Making estate plan reviews a regular habit empowers you to respond proactively to changes in your life and the law. Take a moment this spring to schedule a review with an estate planning professional, and ensure peace of mind knowing your loved ones are protected in accordance with your desires.
