Summer check up for your Estate Plan

Summer Check Up for Your Estate Plan

Summer is in full swing, Spring cleaning is over, but did you remember to dust off your estate plan? Just as decluttering your home revitalizes your living space, revisiting your estate documents ensures they still align with your current wishes and life's changes.

Life Changes Demand Estate Updates

Life is all about changes—marriage, divorce, welcoming a new family member—and these milestones can significantly impact your estate intentions. Regularly refreshing your estate plan will prevent any surprises and ensure your assets are distributed according to your present desires.

What to Review: Key Estate Planning Areas

Beneficiary Designations

Check your beneficiary designations on life insurance policies, retirement accounts, and other assets. Life events like marriages or the birth of a child can necessitate updates to these important documents, ensuring they reflect your current wishes.

Health and Financial Directives

Never underestimate the importance of reviewing your health care proxy, financial power of attorney, and living will. Ensure that the individuals you've appointed are still the people you trust and are available to act on your behalf. Outdated directives can lead to unnecessary complications during medical emergencies.

Asset Titling

Evaluate how your assets are titled to ensure they align with your estate plan. Changes such as acquiring new properties or opening new accounts can create discrepancies, potentially complicating your probate process. Consider working with an estate planning professional to address any misalignments.

Trusts and Wills

A will or trust that's not up to date may not reflect your current intentions or comply with new financial or legal changes like tax laws. It’s wise to review these documents periodically and consult with an estate attorney if modifications are necessary.

Building a Habit of Regular Estate Plan Reviews

By making estate plan reviews a part of your routine, you ensure everything remains in order and up to date. Schedule a review session and consider working with a professional to gain insight and assistance tailored to your circumstances. Spring offers a perfect opportunity to tidy up your estate plan and eliminate any wrinkles that time might have brought about. Embrace this season of renewal to ensure your estate plan is as vibrant and organized as the world outside.