Spring Cleaning Your Estate Planning: Refresh Your Future
- Meason & Morris Law
- Mar 17, 2024
- 4 min read
Spring is a time for renewal, a time to clear out the clutter and freshen things up. But have you considered giving your estate plan a good spring cleaning?
Estate planning documents, like wills and trusts, are essential for outlining your wishes for how your assets will be distributed after you're gone. However, life has a way of throwing curveballs. Just like making good financial decisions, making good estate planning decisions will save you in the long run.
Maybe you've gotten married, had children, or experienced a significant financial shift. Perhaps you haven't reviewed your documents in years. If so, your complete estate plan might be due for a refresh. Doing this will help to avoid probate.
Here at Meason & Morris Law in Bartlesville, Oklahoma, we understand the importance of keeping your estate plan current. Just like your home needs a good cleaning every now and then, your estate documents need a periodic review. This is to ensure they accurately reflect your wishes and current circumstances.
This blog post serves as your guide to spring cleaning your estate plan. We'll discuss what to look at with an attorney like Meason & Morris Law. We'll highlight some often-forgotten aspects of estate planning. We'll make sure your estate plan includes everything you need for a solid foundation.
Why Review Your Estate Plan?
Life is rarely static. You can be sure that changes will occur and with those changes, you need to update your plan. Here are some reasons why revisiting your estate plan is crucial:
Changes in Family: Marriages, divorces, births, and adoptions can significantly impact your wishes for asset distribution. Your estate plan should reflect your current family structure.
Financial Shifts: Perhaps you've inherited property, started a business, or experienced a windfall. An outdated estate plan won't account for these changes, potentially leading to unintended consequences. You need a financial power of attorney to ensure that your wishes are carried out.
Beneficiary Updates: Have your relationships with beneficiaries changed? Maybe you've grown estranged from a previously named beneficiary or want to include a new grandchild. Regularly reviewing your plan ensures your wishes are clear and current.
Changes in Law: Estate planning laws can evolve over time. An attorney can ensure your documents comply with the latest legal requirements in Oklahoma. Most people will not be aware of these changes and that is why meeting with an estate planning attorney is crucial to the health of your plan.
Spring Cleaning Checklist for Your Estate Plan
1. Review Your Will:
Beneficiaries: Are your beneficiaries still the people you want to inherit your assets? Do you need to add or remove anyone?
Guardianship: Have you designated guardians for minor children in case of your passing? Do you still feel confident that these are still the best choice?
Executor: Is the person you named as the executor of your will still able and willing to handle the responsibilities?
2. Revisit Your Trust (if applicable):
Trust Provisions: Do the terms of your trust still align with your wishes for asset distribution and management?
Trustee: Is the appointed trustee still capable of managing the trust effectively?
3. Update Power of Attorney and Healthcare Directives:
Power of Attorney: Does your chosen agent still have the authority to act on your behalf when you can't make decisions?
Healthcare Directive: Does your healthcare directive accurately reflect your current wishes regarding medical care in case of incapacitation?
4. Consider Often-Forgotten Aspects:
Beyond wills and trusts, here are some things people sometimes overlook:
Digital Assets: Social media accounts, online photos, and other digital assets may require specific instructions for access or deletion after you're gone.
Retirement Accounts: These often have designated beneficiaries separate from your will. Review beneficiary designations with your financial advisor.
Life Insurance: Similar to retirement accounts, ensure your life insurance policy beneficiaries are up-to-date.
Family heirlooms: Do you have cherished possessions you want to pass down to specific individuals? A detailed list, separate from your will, can avoid confusion among heirs.
Spring Cleaning with Meason & Morris Law
Spring cleaning your estate plan doesn't have to be overwhelming. The estate planning attorneys at Meason & Morris Law in Bartlesville, Oklahoma, are here to guide you through the process.
We'll review your existing documents, discuss any life changes that might affect your wishes. We'll create an estate plan that reflects your current needs and desires.
Here's what you can expect when you contact us:
Personalized Consultation: We'll schedule a one-on-one consultation to understand your specific situation and goals.
Clear Communication: We'll explain complex legal concepts in a way that's easy to understand.
Comprehensive Review: We'll meticulously review your existing documents and identify any areas that need revision.
Tailored Recommendations: Based on your unique situation, we'll recommend the best course of action for updating your estate plan.
Peace of Mind for Your Future
By taking the time to spring clean your estate plan with Meason & Morris Law, you'll gain peace of mind knowing your loved ones will be taken care of according to your wishes.
Learn about estate planning attorneys at Meason & Morris Law by clicking here.
Meason & Morris Law is a legal firm led by seasoned attorneys Marty Meason and Chris Morris. We provide a professional experience for all our clients, helping them navigate their legal rights. We focus on Criminal Justice Law (felonies and misdemeanors), Divorce and Family Law, Expungement and Felony Law, Probate Law and also have Trial experience. We are currently accepting cases in Washington, Nowata, Osage and Rogers counties.
Meason & Morris Law
515 Delaware Ave
Bartlesville, OK 74003
918-336-6300
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