spring cleaning

Spring Cleaning for Your Estate: Tips for Getting Your Affairs in Order

Jun-19 2023

Spring is a season of renewal and new beginnings. It's a great time to declutter, organize, and start fresh. While you're tackling your physical space, don't forget about your estate planning. Taking the time to get your affairs in order can provide peace of mind and ensure that your wishes are carried out. Here are some tips to help you spring clean your estate:

Review and Update Your Estate Plan

Your estate plan should be reviewed and updated regularly, especially after major life changes. This includes getting married, getting divorced, having children, and experiencing the death of a loved one. You should also review your plan if there have been any changes to your financial situation or if your wishes have changed. To review your estate plan, you should:

  1. Make sure your beneficiaries are up-to-date: Review your will, trust, and retirement accounts to make sure that your beneficiaries are still the people you want to inherit your assets. If you've gotten married, divorced, or had children, you may need to update your beneficiaries.

  2. Check your asset titling: Make sure that your assets are titled in a way that aligns with your estate plan. If you've purchased or sold assets, you may need to update your plan to reflect those changes.

GoodTrust makes it easy to review and update your estate plan online. You can easily make changes to your will, trust, and power of attorney from the comfort of your own home.

Organize Your Digital Assets

In addition to organizing your physical assets, it's important to organize your digital assets as well. This includes online accounts, social media profiles, and digital files. GoodTrust offers a digital vault where you can securely store all of your digital assets in one place. You can also designate beneficiaries for your digital assets, ensuring that your loved ones can access your accounts and files after you're gone.

Organize Your Financial Documents

Keeping your financial documents organized and easily accessible is key to ensuring that your loved ones can find everything they need in the event of your incapacity or death. To organize your financial documents, you should:

  1. Create a master list of accounts and passwords: Make a list of all your financial accounts and the usernames and passwords for each one. Store this list in a secure location, such as a password-protected document or a safe deposit box.

  2. Store physical copies in a safe place: Keep physical copies of important documents, such as your will, trust, and power of attorney, in a safe and secure location. This could be a safe deposit box, a fireproof safe, or a trusted friend or family member's home.

Communicate Your Wishes to Your Loved Ones

Having open and honest conversations with your loved ones about your estate plan and end-of-life wishes can help alleviate stress and prevent conflict down the line. To communicate your wishes to your loved ones, you should:

  1. Be clear and direct: Clearly communicate your wishes and explain the reasoning behind them. This can help prevent misunderstandings and hurt feelings.

  2. Choose an appropriate time and place: Make sure that you have your loved ones' full attention and that everyone is in a calm and relaxed state. You may want to consider having these conversations during a family gathering or holiday.

  3. For more information about talking to your family about estate planning click here.

In conclusion, spring cleaning your estate may not be the most glamorous task, but it's an important one. By reviewing and updating your estate plan, organizing your financial documents, and communicating your wishes to your loved ones, you can ensure that your affairs are in order and that your wishes are carried out. If you need help with your estate planning needs, GoodTrust can provide the guidance and support you need to get started.