7 Steps to Spring Clean Your Estate Plan

It’s time for a good spring cleaning, but your home isn’t the only thing that needs an annual refresh. If you are a meticulous person that likes to keep everything in order, now is the best time to give your estate plan a spring cleaning as well. Here are 7 things that you can do to ensure your estate plan is organized and up to date.

1. Address Milestone Changes

Have there been any milestone changes in your family situation recently? Perhaps there was a death, a birth, a marriage, a divorce – anything that may require you to make a change to your will or trust. In that case, you might want to address these aspects first. Something as simple as a change in address can affect the estate plan and cause more stress and time for your heirs. 

2. Update Your Asset Inventory

Have any of your assets changed recently? 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 – so, make sure that you document any major changes.

3. Check the Beneficiaries

When doing your ‘spring cleaning’ on your estate plan, you might want to check in the 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. Audit Your Digital Assets and Online Accounts

In order to ensure that your social media accounts, cryptocurrency, online medical portals and other digital assets and online accounts are documented, you might want to conduct a regular audit. Usually, once a year is more than enough. You just need to make sure nothing slipped through the cracks and that the accounts will be properly maintained or closed when your estate is settled.

5. Review Your Insurance and Investments

To make sure that everything is updated in your estate plan, you should review your retirement accounts, insurance policies, and stocks and other investments. If there are any changes that you need to add, such as a change in the stock market or new beneficiaries on your insurance policy, you need to address that.

6. 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 they handle the costs or should you leave them maintenance funds? Is that person someone you know can provide the love and care that they deserve? Failing to add pet protection to your estate plan might just cause your pets to end up in the wrong hands in the event of your passing.

7. Shred Outdated Documents

Do you have old documents in your files that are out of date or no longer necessary? In with the new documents, in the shredder with the old – those are the steps you should take. There’s no reason why you should keep outdated documents, as they will just get in your way and cause potential confusion for your heirs.

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. An estate planning attorney can help ensure your estate plan is up to date and your loved ones are protected.

Gwinnett County Estate Planning Attorney

Let Jammie Taire and SmithTaire Legal help organize your estate! Call us at (678) 253-8133 or schedule a free consultation.