Spring Cleaning is upon us. Is your Estate Plan up to date?

Spring is the perfect time to evaluate your estate plan to ensure that it continues to meet your needs, or to finally set one up. Spring cleaning your estate plan now means that you can head into your summer fun and activities with this important task off your to-do list!

Here are some items to consider when spring cleaning your estate plan:

1. Address Family Dynamic Changes

Have there been any milestone changes in your family dynamic recently?

Maybe there was a death, a birth, a marriage, a divorce – anything that may require you to make a change to your will or trust.  A simple change in address can affect the estate plan and cause more stress and time for your heirs.

2. Update Your Asset Inventory

Have you sold a home, made an investment, started a new business?

A change in your assets and wealth may lead to a change in your estate plan distributions, as well as tax planning for your estate – it’s a good idea to make sure you document any major changes.

3. Check the Beneficiaries

It is a great idea to look over your beneficiaries on your trusts, wills, guardianships, and other estate documents. Make sure that everyone named as your beneficiary is who you want to inherit that asset!

4. Review Your Insurance and Investments

You should review your retirement accounts, insurance policies, and stocks and other investments and make sure you have listed beneficiaries on these accounts as well as updating beneficiaries if needed.

5. Protect Your Pets

Your pets play an important role in your life, and you need to protect them after you are gone. Who do you want to take care of them after you pass away? Can that person handle the costs it will take to care for the pet or should you leave them maintenance funds?

The Bottom Line

To give yourself peace of mind and protect your family’s future generations, you need to take steps to have an up-to-date and well-organized estate plan. An estate plan spring cleaning is the best way to ensure that nothing was forgotten or unnecessarily clutters your plan.

At Meyerson Law Firm, our estate planning attorneys have experience in creating or updating estate plans to fit each client’s personal circumstances. Please contact our office to schedule a meeting with our experienced attorneys to spring clean your estate plan!      678-892-5910.