Many view the beginning of spring as a natural time to get organized. Ms. Jennifer B. Cona, in her article “Spring Cleaning -Time to Review Your Estate Plan”, from the Long Island Press, on 4/6/22, makes a good case that it is also a good time to review your estate plan. We all know, that life brings changes and if any of those changes have been major ones for you AND have occurred since you last updated your estate plan, I’d highly recommend putting this on your “Spring To-Do” list. While Ms. Cona recommends an every 5-year review, I recommend every 3 years. In fact, I offer my estate planning clients a complimentary review every three years to help make sure their plan is up-to-date. Ms. Cona writes …
“Spring is a great time to review your estate plan. Here is a checklist to help you review your estate planning documents.
Check the Last Time You Updated Your Estate Plan
An estate plan should be periodically reviewed to make sure it is up to date, typically every five years or sooner if there is a major life event. Major life changes that might your estate plan include births, deaths, divorce, substantial changes in your assets or holdings, major changes to your health or your health care needs, or similar changes in the lives of your beneficiaries.
Do You Need to Update Your Will or Prepare One?
It is essential that everyone has a Last Will and Testament, which is a legal document that directs the disposition of your estate after your death. If you pass away without a Will, your estate will be distributed under the default intestacy rules in your state. In the state of New York, for example, if you were survived by a spouse and children, the first $50,000 passes to your spouse, and the remainder is divided half to your spouse and half to your children, including minor children. Many people would instead prefer their assets to pass all to their spouse. If you do not have a spouse or children, generally your estate would pass to your closest living relatives (parents, siblings, nieces, and nephews, cousins, etc.). This may not be who you want to inherit from you. That is why it is important for everyone to have a Will that reflects their wishes and why a Will is the cornerstone of estate planning documents.
Review Your Current Beneficiaries
Over time, your desired beneficiaries may change. This applies to your Will as well as the beneficiaries you designate directly on certain financial assets such as retirement plans, IRAs, 401(k)s, annuities, and life insurance. A marriage or divorce can certainly influence who you would like to inherit your assets and may require adding or removing a spouse as a beneficiary.
Keeping Your Estate Planning Documents in a Safe Place
Your loved ones will need to access your estate planning documents (such as a Power of Attorney, Health Care Proxy, and Living Will) in an emergency, so you should make sure you keep your documents in a safe place (a locked drawer or cabinet) but not in a safe deposit box.
If you have an estate plan that needs updating please do not hesitate to contact me. I’d be happy to help you and you’ll be able to check this “Spring Cleaning To-Do” task off your list. Call me directly at 513-399-PLAN (7526) or visit my website. Visit my services page at
https://davidlefton.com/services/ to learn more.
For more information about estate planning, probate, or trust administration in Cincinnati and throughout the rest of Southwest Ohio, and to review free resources regarding estate planning, probate, or trust administration, visit my website https://davidlefton.com/ If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526). David H. Lefton is an Estate Planning and Probate Attorney. He is a partner in the law firm of Barron, Peck, Bennie & Schlemmer.
Source: Long Island Press, 4/6/22 by Jennifer B. Cona