Just as you commonly go through your closets and see what needs to be thrown away and what should be saved, you should go through your estate plan too and determine what needs to be cleaned up. Do any old beneficiaries need to be hauled away? Do you want to make more room for a beneficiary that is already in your estate plan? It’s important to thoroughly review your estate plan regularly because it’s easy to forget about the stuff you tucked away for another day and never to think of again.
As you’re cleaning out your literal closet, you may want to consider too who may want this stuff when you’ve passed away. If your Will directs you may leave a separate writing or a list of “tangible personal property” (your “stuff”), you may want to have this list out while you’re cleaning out your home. Update, delete, and add to the list as you’re going through and cleaning. If you’re like me and don’t have the space for your stuff, consider giving away some of your tangible personal property now.
Have a great springtime! If you need help reviewing your documents, please give us a call and let us know.