Just like your home, your estate plan needs a good spring cleaning every now and then. As the seasons change, so do your life circumstances and legal landscapes. Taking the time to review and update your plan ensures it accurately reflects your wishes and protects your loved ones in the best way possible.
Why Spring Clean Your Estate?
Life Changes: Marriages, births, deaths, and career shifts can all impact your estate. A spring cleaning ensures your plan aligns with your current family dynamics and financial goals.
Legal Updates: Estate laws and tax regulations evolve, potentially affecting your plan's effectiveness. A review ensures you're leveraging the latest benefits and mitigating potential risks.
Peace of Mind: Knowing your estate is in order provides comfort and reduces stress for you and your loved ones during challenging times.
Spring Cleaning Tips:
1. Declutter & Organize:
Gather all your estate planning documents (wills, trusts, POAs, etc.).
Organize them by category and discard outdated versions.
Create a central location for easy access and future updates.
2. Identify & Review Beneficiaries:
Review your beneficiary designations for bank accounts, retirement plans, and life insurance policies.
Update beneficiary names or percentages to reflect your current wishes.
Consider naming contingent beneficiaries in case your primary choices are no longer living.
3. Ensure Your Documents are Current:
Check if your estate planning documents comply with current Ohio laws.
Contact your attorney if any updates are necessary due to legal changes.
Review and update your power of attorney and healthcare proxy, if applicable.
4. Stay Informed about Tax Updates:
Be aware of recent Ohio tax law changes that might impact your estate plan.
Consult your attorney or financial advisor to understand how these changes affect your situation.
Bonus Tip: Consider incorporating digital asset management into your plan to address online accounts and social media profiles.
Schedule a consultation with our experienced attorneys to discuss your unique needs and update your estate plan for the future.