Spring Forward: Refreshing Your Estate Plan for the Year Ahead

Spring is a season of renewal – a time to declutter, reset, and prepare for the months ahead. While many people focus on cleaning out closets or organizing their homes, it’s also the perfect time to refresh your estate plan. Just as life changes, so should your estate plan to reflect your current wishes, financial situation, and family needs.

Why You Should Review Your Estate Plan Annually

Estate planning isn’t something you do once and forget about. Over time, changes in laws, family circumstances, and financial status can impact how well your current plan protects your loved ones. A yearly review ensures that everything remains up to date and aligned with your goals.

Some key reasons to update your estate plan include:

• Major life changes such as marriage, divorce, or the birth of a child
• Changes in financial status, including acquiring or selling property
• Relocating to a new state with different estate planning laws
• Shifts in family dynamics, such as a death in the family
• New laws or tax regulations that may affect your estate

 

Spring is the ideal time to revisit your estate plan and make any necessary adjustments.

Key Areas to Refresh in Your Estate Plan

1. Update Beneficiaries

Life changes can impact your beneficiaries, so it’s important to ensure that the right people are listed on your will, trusts, life insurance policies, and retirement accounts. If someone you previously named is no longer in your life or has passed away, updating this information is essential.

2. Review Your Will and Trusts

A will outlines how your assets will be distributed, while a trust can help manage your estate efficiently and minimize probate. If your assets have changed or you want to modify how they are distributed, spring is a great time to make those adjustments.

3. Check Your Power of Attorney and Healthcare Directives

A power of attorney allows a trusted person to handle financial matters if you become incapacitated, while a healthcare directive outlines your medical preferences. If you haven’t reviewed these documents recently, make sure they still reflect your wishes and that the designated individuals are still the best choices for these roles.

4. Assess Guardianship Designations

If you have minor children, ensuring your designated guardian is still the right fit is crucial. Circumstances change, and the person you initially chose may no longer be the best option. Review your guardianship choices and make updates as needed.

5. Organize Important Documents

Spring cleaning isn’t just for your home – use this time to organize and securely store your estate planning documents. Ensure your family members know where to find important paperwork, including your will, trust documents, and insurance policies.

Refresh Your Estate Plan with Confidence

Just like spring cleaning brings a sense of renewal, updating your estate plan provides peace of mind that your loved ones will be protected. At Gary Crews Law, we can help you review and refresh your estate plan so that it remains up-to-date and effective. Contact us today to schedule a consultation and ensure your estate plan is ready for the year ahead.