Refresh your Wills this Spring!

Spring cleaning is the perfect time to refresh your Wills!

When was the last time you cleaned out your fireproof safe and took a look at your old documents? Reorganized your financial statements? Balanced your checkbook? Reviewed your Will?

I know, it’s been a while for my family too. Well, I’m not saying you have to make that your Spring Cleaning goal this year – but it would be a pretty good one.

Especially if any of these life events have happened to you in the past few years:

Marriage: You will want to update your beneficiaries on your life insurance, retirement, bank, and investment accounts to include your spouse.

Separation/Marriage Troubles: You will want to update your health care proxies and powers of attorney. Spouses have statutory priority to make health care decisions for you if you are incapable or incompetent. If you are separated from your spouse, you should nominate other people to fill that role for you.

Divorce: You will want to update your beneficiaries on your life insurance, retirement, bank, and investment accounts to exclude your ex-spouse.

Blended Families/Adoption: You may want to re-visit your will and consider a family trust. Stepchildren have no rights to your estate unless you specifically name them in your Will or Trust. If you legally adopt a child, they will have equal rights to your estate as a biological child would. Spouses do not have to honor your wishes for mutually owned assets if they outlive you. Make time to have the conversation now, so the ones you love aren’t left out.

Eldest Child Turned 18: If you don’t already have a health care proxy – you need to get one NOW. Your closest adult relative will be tapped to make final health care decisions for you – who is now your eldest child if you’re single or your spouse is injured with you.

Purchased Real Estate: If you own real property titled in your own name, you are setting your family up to deal with a probate proceeding if you die. Probate can be lengthy and costly – you may want to explore life insurance options to make sure the mortgage will be covered during this time so that your family will be able to grieve and not worry. You may also want to explore revocable trusts and avoid probate altogether.

Had a Child: Children under the age of 18 deserve to have guardians nominated for them. Informal permission slips are not enough. You’ll want to be sure to update your Will (or get one in the first place), think through your emergency contact list, and formally nominate parental figures for your littles.

Spring came in like a lamb this year, so make good on your indoor spring cleaning as we’ll be trapped indoors for the next two weeks, while March exits in its lion-fashion.

Lauren Glynn Law PLLC is a Cooperstown-based law firm focused on helping families leave legacies and grow their impact. We are welcoming new clients and are offering a low-cost Spring “refresh” for your life’s most important documents. Call us at (607) 303-6554 to schedule a free consultation to review your current plan or to get started creating your first.