Spring Cleaning for Your Estate Plan
Swedish “death cleaning” has gained popularity recently as a thoughtful approach to decluttering with purpose. It’s not just about tidying up—it’s about minimizing the emotional and logistical burden on your loved ones when you’re no longer here to do it yourself. While clearing out closets and donating old furniture can certainly feel liberating, another type of cleanup deserves just as much attention this time of year: your estate plan.
Consider this your nudge if it’s been a while since you reviewed your documents—or if you haven’t created them yet. Here are three ways to spring-clean your estate plan and ensure it aligns with your current life, legacy, and values.
1. Get the Fundamentals in Place
A common misconception is that estate planning is only for the ultra-wealthy. But really, it’s for anyone who wants a say in what happens to them, their loved ones, and their assets in the event something unexpected occurs.
At a minimum, a solid estate plan includes:
- Last Will and Testament: Your final wishes and instructions on how to distribute the assets in your estate to your heirs and any other beneficiaries.
- Power of Attorney: The person you name in this document will act on your behalf if you become incapacitated or unable to make decisions while you are still alive.
- Healthcare Directive: Details your preferences for medical treatment if you cannot speak for yourself.
- Living Will: Similar to a healthcare directive, this document focuses specifically on end-of-life medical decisions and allows for the designation of a healthcare proxy.
Depending on the complexity of your estate, you might also consider creating a trust to better manage how and when assets are distributed. For individuals with more complex estates, trusts can help minimize probate costs, maintain privacy, and reduce estate taxes in certain situations.
2. Review for Changes in Life and Law
While making such serious decisions might feel overwhelming, an estate plan is not a once-and-done task. We recommend reviewing your estate plan annually—or after any significant life event. Ask yourself these questions to guide that review:
- Has your family changed due to marriage, divorce, birth or adoption of a child or grandchild, death of a beneficiary or executor, or changing family relationships?
- Have your assets changed, and if so, how would you like to distribute them now?
- Have your feelings toward your beneficiaries changed? Do you still want them to receive the same assets?
- Are the people named in your Power of Attorney and Living Will still the best people to settle your estate and protect your wishes if you become incapacitated?
- Have tax laws changed, allowing you to preserve more of your legacy or reduce your tax burden?
- Have you moved to a new state or country which might have different estate laws?
- Does your individual estate plan—and your spouse’s—ensure care for one another, no matter who passes first?
- What values do I want to pass on to my beneficiaries? How does my legacy plan bring those values to life?
- Do you want to leave a charitable gift or explore family philanthropy in a more structured way?
Your estate plan should evolve in tandem with your financial picture, relationships, and personal vision. It’s not just about what you leave behind—it’s about how you live now and whether that aligns with what matters most.
3. Coordinate with Your Professional Team.
Estate planning works best as a team effort. If you’re creating an estate plan for the first time, make sure you coordinate with your advisor, attorney, and tax professional to create legally durable documents.
In most cases, if you pass without a legal estate plan, your state of residence will settle your affairs in court. That process can be lengthy, expensive, and emotionally draining for your loved ones. A proactive, values-aligned estate plan is one of the greatest gifts you can leave your loved ones.
At our next meeting, we can review your estate plan together, identify any gaps or opportunities, and explore strategies that better align your plan with your overall goals for financial security, family well-being, and meaningful legacy impact.
Ready to discuss your estate plan and protect your legacy? Let’s chat.
This Week’s Favorite Reads
This week’s favorite reads include articles discussing how to protect your money in a divorce, things the happiest people do every day, and tips to help you stop buying stuff you don’t need. You will also find some thoughts a long-time financial writer would like his readers to remember after he’s gone and some psychological tricks companies use to keep you from canceling subscriptions.
Here are the links to this week’s articles, as well as a brief description of each and why you should check it out:
1. Protecting Your Money in a Divorce.
Divorce can significantly impact your financial well-being, making it essential to take proactive steps to safeguard your assets. The article shares several steps to keep in mind. It starts with hiring an experienced divorce and gathering key financial documents, including tax returns and bank statements. Understanding what you own and owe makes it easier to decide whether to close or divide joint accounts. Taking steps to protect your credit, such as closing joint credit accounts and establishing individual credit, is vital. Have assets such as real estate and non-traditional investments appraised. This step helps ensure fair values are used for distribution purposes. Consulting with financial advisors, attorneys, and accountants aids informed decision-making. Your financial professional can also help you update beneficiaries, review insurance policies, and build a post-divorce plan that supports your future goals.
You can read more about the financial issues associated with gray divorce in this blog.
2. 10 little things the happiest people do every day: They are ‘truly content with life,’ says expert.
When our lives get complicated, we often follow the wrong path. In this article, Ivy League-trained happiness expert Jessica Weiss (no relation😊) shares ten practices of genuinely happy people. She found that you build true contentment through small, daily habits that train your brain to find joy. The happiest individuals prioritize friendships, balance their energy with rest, engage in creative activities, and stay connected to their community. They embrace what excites them, protect personal time, and align their routines with natural rhythms. From savoring small moments to celebrating progress, these habits add up. Happiness isn’t one grand gesture—it results from consistent, values-driven choices that reflect who you are and what matters most to you.
3. How to Stop Buying Things You Don’t Need.
An effective job of spring-cleaning leaves you with empty shelves or other types of open space. Unfortunately, we often buy more stuff and refill that space. This article provides some tips to help you avoid purchasing items you don’t need.
- Make purchasing less convenient.
- Don’t buy for your ‘future self.’
- Try a ‘purchase pause.’
- Save space by borrowing.
These suggestions can help you “turn off the shopping tap.” Doing so can help you save money and have fewer things to maintain.
4. Four Thoughts.
Jonathan Clements has written about personal finance since the late 1980s. A terminal cancer diagnosis has left him with much less time remaining than he had hoped for. In this article, he shares four thoughts he would like his readers to remember:
- Worry less: He suggests we should spend less time worrying, and not just about our finances.
- Talk it through: We could avoid many of the problems we face by discussing issues with others instead of assuming we know their thoughts.
- Think for yourself: We often pay more attention when others raise their voices or pound the table. Should we? Maybe not.
- Understand what’s influencing you: The media, advertisements, and recent market returns can all impact our thinking. Our prior experiences also play a role. When it comes to managing money, we need to know ourselves.
5. Six Psychological Tricks Companies Use to Keep You From Canceling Your Subscriptions.
A common suggestion for those looking to save involves reviewing your subscriptions and canceling those you don’t use. Unfortunately, calling to cancel a subscription does not always result in the desired outcome. Sometimes, we end the call with more services than we started with. Other times, our efforts fail. If you fail, you probably are a victim of the “dark patterns” and psychological tricks companies use to keep you from canceling. This article shares some common tactics companies use to keep you subscribed to their products or services. Recognizing these tricks may help you follow through with your cancellation plans.
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