4 Estate Planning Items To Review Annually
Estate planning services in King and Snohomish Counties
Spring is the perfect time for renewal—not just for your home, but also for your estate plan. Just as you declutter your living space and refresh your surroundings, reviewing and organizing your legal documents ensures your wishes remain up to date and clearly documented.
At Woodinville Law, we encourage our clients to take this opportunity to conduct an annual review of their wills, trusts, beneficiary designations, and other important estate planning documents. Here are a few ways you can effectively "spring clean" your estate plan to keep everything in order.
Review Your Wills, Trusts, and Beneficiary Designations
Life is constantly changing. Major events such as marriage, divorce, the birth of a child, a new grandchild, or changes in financial circumstances may impact the decisions outlined in your estate plan. That’s why it’s essential to review your will, trusts, and beneficiary designations regularly.
Key Questions to Ask:
Are your beneficiaries up to date? Ensure that your will and trusts reflect your current wishes. If a named beneficiary has passed away, or if you wish to add or remove someone, now is the time to make those updates.
Do your executor and trustees still align with your intentions? The people you chose years ago may no longer be the right fit for handling your affairs. Consider whether they are still capable and willing to fulfill their roles.
Have tax laws changed? Estate tax laws evolve, and your plan should be structured to maximize benefits for your heirs while minimizing tax liabilities.
One commonly overlooked area is beneficiary designations on life insurance policies, retirement accounts, and payable-on-death (POD) or transfer-on-death (TOD) accounts. These designations override what’s in your will, so it’s important they are current.
Organize and Declutter Your Estate Planning Documents
An effective estate plan is one that is not only up to date but also easy to access when needed. If your documents are scattered or difficult to find, it can create unnecessary stress for your loved ones.
Steps for Organization:
Locate all original copies – Make sure you know where your original estate planning documents are stored, and confirm that your executor or trustee has access to them.
Secure important papers in a safe place – Consider using a fireproof safe or a secure filing system to store documents such as your will, trust agreements, powers of attorney, and health care directives.
Dispose of outdated documents – Shred old drafts or duplicate copies to avoid confusion. If a document has been revised, make sure the previous version is properly discarded.
Create a list of assets and accounts – A simple inventory of your bank accounts, retirement funds, real estate holdings, and other assets can help your executor or trustee manage your estate efficiently.
Additionally, if you’ve moved or changed financial institutions, update your estate plan accordingly. Outdated contact information for banks, attorneys, or other key professionals could lead to unnecessary delays.
Ensure Your Digital Assets Are Accounted For
In today’s digital age, estate planning isn’t just about physical assets. Many of us have significant online footprints, from financial accounts to social media and digital photo collections. Without proper planning, these assets may become inaccessible or lost to your heirs.
Digital Assets to Consider:
Online banking and investment accounts
Social media profiles (Facebook, Instagram, LinkedIn, etc.)
Email accounts
Cryptocurrency or digital wallets
Subscription services (Netflix, Amazon, etc.)
Cloud storage accounts with important files or photos
To ensure your digital assets are properly handled:
Create an inventory of all online accounts, including usernames and security details.
Designate a digital executor in your estate plan, someone you trust to manage or close these accounts upon your passing.
Store access credentials securely, using a password manager or a written document kept in a secure location.
Many platforms now allow users to specify what happens to their accounts after death. For example, Facebook offers a Legacy Contact option, and Google allows you to set up Inactive Account Manager settings. Taking advantage of these tools ensures your digital life is handled according to your wishes.
Schedule a Professional Review
Even if your estate plan seems current, it’s always beneficial to have a professional review. Laws change, and new strategies may be available to better protect your assets and beneficiaries. At Woodinville Law, we recommend scheduling a periodic estate plan review to ensure everything remains legally sound and aligned with your goals.
During a review, we can help with:
Updating your will and trusts
Revising beneficiary designations
Addressing changes in tax laws
Ensuring your digital assets are protected
Answering any questions about your estate plan
Schedule Your Complimentary Estate Plan Consultation Here
Final Thoughts
Spring cleaning isn’t just about tidying up your home—it’s an opportunity to refresh your estate plan, ensuring your loved ones are protected and your wishes are clearly documented. Taking a little time now to organize, review, and update your documents can save your family unnecessary stress and confusion in the future.
If you need assistance with reviewing or updating your estate plan, Woodinville Law is here to help. Contact us today to schedule a consultation and ensure your estate plan is in order now and for the years ahead.
The information provided in this blog is for general informational purposes only and is not intended as legal advice. Reading this blog does not create an attorney-client relationship. For advice regarding your specific legal situation, please consult a qualified attorney. The law is subject to change, and the accuracy of the information may vary over time.