When spring rolls around, we start cleaning out closets, adding a fresh layer of paint, and tidying up the corners of the garage. This is a time for renewal and refreshing. But there’s one area we often skip during spring cleaning: our estate plans.
You may not be able to see it collecting dust, but your estate plan needs regular care just like everything else in your life. Laws change. Families grow. Life happens. And the decisions you made two, five, or ten years ago might not reflect the life you are living now.
What should you review each year? Here is our guide to spring cleaning your estate plan.
Pull Out Your Will and Trust
As you start spring cleaning, you want to start with the most important documents: the will and trust. This is the time to ask if these documents align with your current wishes. You may want to ask yourself:
- Is this still what I want?
- Has anything big changed in my life?
- Is my current personal representative, successor trustee, or guardian still the right fit?
Sometimes, all it takes is a quick read to spot something that needs updating. Remember that you are not rewriting your whole legacy; you want to make sure it still fits.
Double-Check Those Beneficiary Forms
There is a common mistake that many people make: your will says one thing, but your retirement account or life insurance policy says something else.
So, what takes precedence? The beneficiary forms. You will want to review your:
- Retirement accounts (401k or IRA)
- Life insurance policies
- Payable-on-death bank accounts
As you review, make sure your named beneficiaries are still the right people. Along with that, make sure to check your contingent beneficiaries. These are the backups in case something happens to your primary choices.
Unfortunately, these little forms can cause big problems if they’re not up to date.
Take a Look at Your Powers of Attorney
No one wants to think about being incapacitated. However, you want someone looking out for your interests and carrying out your wishes. Every spring, take a moment to ask yourself:
- Who would step in if I couldn’t make my own medical or financial decisions?
- Is that person still in my life, capable, and willing?
In these cases, you should have two documents: a Durable Power of Attorney for Finances and a Power of Attorney for Health Care. These individuals will speak for you if you can’t make decisions for yourself.
If you don’t feel comfortable with your decision or the person is unwilling to be in that role, update the documents.
Revisit Guardianship Plans
This part is one of the most important if you have young children. Your will should name a guardian who would care for your kids if something happened to you.
During your spring cleaning, this is a good time to ask:
- Would that person still be the best fit?
- Have they had major life changes that could affect their ability to take the role?
- Is there someone else in your life who may be a better option?
This is more than choosing someone who can provide a home. You want someone who can carry on your values, parenting style, and hopes for your child’s future.
Update Your List of Assets
Over the years, you may have added or lost some assets. This is a great time to take stock of everything, including:
- New bank accounts or investments
- Property purchases or sales
- Small business interests
- Digital assets
You do not need to refile your will every time your checking account changes. But you should keep a master list of your assets somewhere safe. If you do that, your executor or trustee knows where to find it.
A Little Maintenance but a Lot of Peace of Mind
Spring cleaning your estate plan is a necessity. When you give your documents a yearly once-over, you take care of your loved ones. Plus, you are making sure they have a clear road map and fewer surprises in an already emotional time.
At Collins Law Firm , we are here to help you create or review a will or estate plan that is in alignment with your goals and wishes. Our estate planning legal team has decades of experience to help you protect your legacy. Contact us or call (414) 207-6292. Schedule your free and confidential consultation today!