Spring Cleaning Steps to Freshen Up Your Estate Plan

by Susan M. Graham, Certified Elder Law Attorney, Senior Edge Legal, Boise, Idaho

As the flowers bloom and the air feels lighter, spring beckons us to embrace renewal and fresh beginnings. It’s a perfect time to reassess and update various aspects of our lives, including our estate plans. Here are some simple yet crucial steps to ensure your estate plan remains aligned with your wishes:

1. Review the Last Update: Begin by checking when you last updated your estate plan. Life circumstances change, and it’s essential that your plan evolves accordingly.
2. Verify Validity: Ensure that your estate planning documents comply with the laws of the state where you currently reside. Laws can differ from one state to another, so it’s vital to confirm their validity.
3. Dispose of Outdated Documents: Discard any old estate planning documents that have been replaced or are no longer relevant. Keeping them may cause confusion or unintended consequences.
4. Assess Asset Changes: Review any changes in the value of your assets and consider if adjustments are needed in terms of titled owners or beneficiaries.
5. Confirm Beneficiary Designations: Double-check the beneficiaries named on your assets and ensure they align with your current intentions. Update them if necessary to reflect your wishes accurately.
6. Reevaluate Inheritance Plans: Consider if you still want the same individuals to inherit your estate or if any changes are warranted based on evolving relationships or circumstances.
7. Designate Trusted Individuals: Ensure that the individuals you’ve chosen to carry out your wishes, whether in the event of illness or after your passing, are still the right fit. Review and update these designations as needed.
8. Document Digital Assets: Compile a list of your passwords and online accounts, and share this information with your designated financial representatives or agents. This ensures they can manage your digital assets effectively if necessary.
9. Secure Storage: Keep your estate planning documents in a secure yet accessible location. Inform your named Personal Representative (under a will) or Trustee of your Trust about their whereabouts for ease of access when needed.

Additionally, if you own your own home, consider following AARP’s “Home Maintenance Checklist for Spring.” This resource offers valuable reminders, including checking your smoke and carbon monoxide detectors for proper functionality. You can access the checklist HERE

By taking these proactive steps, you can ensure that your estate plan remains current, reflecting your wishes and providing peace of mind for you and your loved ones.