Spring Clean Up: Estate Planning Edition
By Francesca Passen, CFP ®
Hobbs Group Advisors, LLC
As the days get longer and the urge to declutter sets in, most of us turn our attention to closets, garages, and forgotten corners of our homes. But spring cleaning shouldn’t stop there. It’s also an ideal time to revisit something far more important like your estate plan.
From my perspective as a Certified Financial Planner ®, estate planning is not a “set it and forget it” task. It’s a living, evolving part of your financial life that deserves regular attention. A simple annual review (much like a spring cleanup) can ensure your plan stays aligned with your wishes and your current circumstances.
Step 1: Start by Dusting Off Your Documents
If it’s been a while since you’ve looked at your will, trust, or powers of attorney, you’re not alone. Many people finalize these documents and then tuck them away indefinitely. But over time, even the most well-crafted plan can become outdated. Pull out your documents, review them carefully, and make sure they still reflect your intentions.
Step 2: Know What You Have & Where It Is
A surprising number of families face unnecessary stress simply because they don’t know where key documents are located. Take time this spring to organize your estate planning materials. Make sure you and your spouse, or another trusted individual, know what documents exist, where they’re stored, and how to access them if needed. Clear organization today can prevent confusion later.
Step 3: Make Time for Meaningful Conversations
Estate planning is about more than paperwork, it’s about people. Having open, honest discussions with your spouse or partner is a critical part of the process. Are you aligned on major decisions, such as who will make financial or healthcare decisions on your behalf? Have you discussed how assets should be distributed? These conversations may not be easy, but they are essential to ensuring your wishes are understood and respected.
Step 4: Consider What Has Changed
Life doesn’t stand still, and your estate plan shouldn’t either. Spring is a great time to ask yourself whether any recent changes might impact your plan. Events like welcoming a child, moving to a new state, getting married or divorced, or experiencing a significant shift in your financial situation can all trigger the need for updates. Even changes in state laws may affect how your documents should be structured.
Step 5: Don’t Overlook Beneficiary Designations
One of the most common oversights in estate planning is outdated beneficiary designations. Retirement accounts, life insurance policies, and certain investment accounts pass directly to the named beneficiary, regardless of what your will says. If your estate attorney recommends updates, be sure to follow through. Keeping these designations current is a simple step that can have a major impact.
Our part: Why Coordination Matters
We always encourage clients to involve their financial planner in estate planning conversations. Attorneys play a critical role in drafting documents, but they rely on the information provided to them. As financial planners, we help connect the dots ensuring your estate plan aligns with your broader financial goals, identifying potential gaps, and advocating for your wishes throughout the process.
Being part of these meetings allows us to support you more effectively and help ensure that nothing gets overlooked.
Follow Through and Stay Organized
Updating your documents is only part of the process. It’s equally important to implement any recommended changes especially when it comes to account titling and beneficiary updates. Once everything is in place, keep your documents organized and accessible. Maintain copies in a secure location and ensure that trusted individuals know how to retrieve them if necessary.
Spring cleaning is ultimately about creating clarity and peace of mind. By taking the time to review and refresh your estate plan each year, you’re not just checking a box, you’re making a thoughtful investment in your family’s future.
