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Spring Cleaning your Estate Plan

With spring now upon us, it is only appropriate to consider how spring cleaning should also apply to our estate plans.

As we discussed earlier this year, there are certain things that we should always be mindful of when reviewing our estate plans. Usually, this requires that we review our estate planning documents directly. That being said, there are other types of things that impact our estate plans but that exist outside of those documents. A prime example of this is the beneficiary designations we make in our non-probate assets—for example, our IRAs.

Unfortunately, we cannot always make general changes of beneficiaries within our Wills as we’d often like. Instead, we must often contact the institutions that manage these assets directly in order to make these changes one by one.

This year, in the interest of spring cleaning, we’d like to encourage everyone to do some tidying of their own with their non-probate assets. Not only should you be making sure that beneficiaries have been designated on these assets in the first place, but you should also be ensuring that these designations are in line with your estate plan. For most people, their primary and contingent beneficiaries will be the same across all assets. However, it might make sense depending on your circumstances to designate certain beneficiaries for some assets and other beneficiaries for others.

If you are unsure if your beneficiary designations are aligned with your estate planning goals and needs (or how to check what those designations are in the first place), contact an estate planning attorney at Adelberg Rudow today.

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