Spring Clean Your Estate Plan

An Estate Plan is a working, changing document and a never-ending process. Because life changes year after year, you need to constantly be focused on keeping this document up to date and appropriately fitting with your life. Working with Estate Planning Attorneys on a routine basis, at least every 3-5 years or any time there are major changes, is critical to keeping your wishes always well understood and planned out for the unexpected.

At The Siegel Law Group, P.A., we routinely check in with clients to get an update on how their life is changing and how their legacy and wishes may also be changing. This type of update is critical to ensuring that your Estate Plan is always working to maximize the opportunities to reach your goals. What needs to be updated will depend on multiple factors.

When Do You Need to Update Your Estate Plan?

Reviewing your Estate Plan every year is beneficial, even if there aren’t substantial changes to your life. However, in the event of any significant change in your life, it is critical to tackle these changes right away. The following are examples of when you do not want to wait to make updates:

• You got married or divorced.
  These are massive implications to your Estate Plan if you marry or divorce or if your spouse dies; and if your children marry or divorce. They need to be reviewed including your beneficiaries, changes to allocations of your assets and limitations that help protect your estate.
• You have a child or lose a child.
  In situations where your heirs change in any way, you need to consider an update to your Estate Plan to match those changes. This applies to situations where you add a grandchild, adopt a child or otherwise your heirs change.
• You purchase or sell property.
  It is always a good idea to update your asset allocation and Estate Plan if you have purchased new property or have sold a substantial amount of your assets. These updates allow you to reorganize your plans to better align with your new assets.
• You become disabled.
  Sudden changes in your health or that of your spouse can also indicate it is time to take a closer look at your current plans.
• Your income changes
  In situations where your income changes or your benefits change, it is critical to meet with your Estate Planning Attorneys to discuss the necessary updates. 
• Your goals and objectives change.
  You may want to make changes – and you have the right to do so at any time. Relationship changes, goal modifications or even the changing economic climate could impact the decisions you originally made several years ago.

By setting up a time to do a bit of Estate Planning spring cleaning, you create an opportunity to ensure that:

• Your current plan matches your goals.
• You know where you stand from a financial standpoint, especially in the area of building wealth.
• You gain peace of mind knowing that your goals are up to date.
• You gain significant insight into possible changes that could better your plans.
• You develop a strategy for any new “what if” situations.

To do this, simply meet with your Estate Planning Lawyers at our office. Let us review your current plans and look for any updates that may be beneficial to you. It is an opportunity to stay on top of your goals and protect your legacy.

How to Spring Clean and Declutter Your Assets

TODAY is the best time to spring clean your Estate Plan. Spring cleaning reflects the desire to brush out the winter dust and darkness to usher in a new light, clean and fresh air. Spring cleaning and decluttering your assets now can provide you with some clarity. In addition to meeting with your Estate Planning team, you also want to declutter and organize your assets so that you are creating a better, more organized structure going forward. Here are some tips for doing just that.

Check Your Bank Accounts

Spring is the perfect time of the year to go through your bank accounts and credit cards and get rid of any that are no longer benefiting you. Close any accounts that are unused as they are creating a safety and identity theft risk to you. This is a good time to check your credit report as a way to ensure there are no mistakes that could harm your credit.

Review Your Beneficiaries

From life insurance policies to your Estate Plan itself, make sure your beneficiaries are up to date. If someone has gotten married, had a child or moved out of your life, you need to make sure that information is updated and considered before moving forward. Make changes to beneficiaries any time these changes occur, but a good spring cleaning of your beneficiaries is helpful.

Consolidate Investments

Meet with your Estate Planning Attorneys or financial advisor to discuss your current investment allocations. Your goal should be to optimize them on a consistent, ongoing basis. That could mean consolidating underperforming investments to maximize the return that you could see otherwise. Make sure you have a good working relationship with your investment management team that alerts you to opportunities to improve your financial outcomes.

Consider Your Tax Obligations

Now is also a good time to meet with your accountant to discuss any tax strategies that may be available to you that could reduce some of your financial obligations. You also want to be sure that you have considered any tax implications for your future goals and your Estate Plan itself, and review new tax and inheritance laws with your Estate Planning Attorneys. .

Review Your Insurance 

Update your life insurance, Long-Term Care insurance and other policies to meet your current needs. You want to be sure these policies truly match your needs and goals. Investing some time in reviewing your policies can also often help you pinpoint coverage you no longer need that could be costing you unnecessarily

Call THE South Florida Estate Planning Attorneys – The Siegel Law Group, P.A.

At The Siegel Law Group, P.A., we understand that life is full of unexpected changes. That’s why we offer ongoing support, even after your Estate Plan has been completed.

Our team is here to help you with all of your Estate Planning spring cleaning. Call our office at (561) 955-8515(561) 955-8515 to schedule a complimentary consultation or submit our online contact form to schedule a consultation today. If you have any questions, do not hesitate to contact us.