Estate Planning Updates: It’s Time for a Little Spring Cleaning

Now that tax season is over, it’s time to turn our attention to getting organized and making updates to our estate plans. Estate planning updates may not be at the top of your to-do list, but it’s important to ensure that your plans are up-to-date and reflect your current wishes.

Getting Organized

The first step in the spring cleaning process is to find all of your original estate planning documents. This includes your will, trust, powers of attorney, and any other important documents. Once you have gathered all these documents, make electronic scans of them and organize them in a way that makes sense to you.

Decide where you will store the original documents. A safe or safety deposit box are good options. It’s important to store them in a secure location that can be easily accessed by your loved ones in the event of your passing.

Reviewing Your Documents

Once you have organized your estate planning documents, it’s time to review them to make sure they’re still valid and reflect your current wishes. The following are some examples of changes that may require updates to your estate plan:

  1. Changes in your marital status. If you have gotten married or divorced since your last estate plan update, it’s important to review and update your plan accordingly.
  2. Changes in your financial situation. If you have acquired new assets or investments, it may be necessary to update your plan to ensure that they are properly accounted for and distributed according to your wishes.
  3. Changes in your family situation. If you have had a child, adopted a child, or experienced the loss of a loved one, it may be necessary to update your plan to reflect these changes.
  4. Changes in the law. Estate planning laws are constantly changing. It’s important to review your plan to ensure that it is up-to-date with the latest laws and regulations.

Updating Your Estate Plan

If you have determined that updates are necessary to your estate plan, it’s important to work with an experienced estate planning attorney to ensure that your wishes are properly reflected in your documents. The attorney can help you navigate any changes that need to be made and ensure that your plan is properly executed.

Though estate planning updates may not be the most exciting task on your to-do list, they are important. After all, no one wants to unintentionally leave a grandchild out of their will. Contact the Hailey-Petty Law Firm for a free consultation to shake the dust off your estate plan this spring, or to draft one in the first place. Your loved ones will thank you for it!

Contact the Hailey-Petty Law Firm Today