As the chill of winter gradually gives way to the warmth of spring, it’s not just our homes that could use a thorough cleaning and refresh. Spring is the perfect time to rejuvenate other aspects of our lives, including our financial and estate planning. Just as we declutter our living spaces, it’s important to tidy up and organize our financial affairs to ensure a smooth and secure future.

Here’s a comprehensive checklist to guide you through the process of spring-cleaning your financial and estate planning affairs:

Update your asset list.

Review and update your list of assets held in trusts. If you’ve acquired new bank accounts or made changes to existing ones, be sure to add them to the list. Check the title to ensure that the asset is titled to the name of your trust. Include copies of the most recent statements for each account. This ensures that your loved ones can easily locate and access your assets if needed.

Confirm beneficiary designations.

Check all assets with beneficiary designations, such as life insurance policies and retirement accounts. Ensure that each asset has both a primary and contingent beneficiary listed. This step guarantees that your assets are distributed according to your wishes.

Address corporate entities.

If you have corporations, partnerships, or other entities that were formed by filing with the secretary of state, consider taking the following actions:

• Report beneficial ownership as per the new Corporate Transparency Act.
• If your entity existed on Jan. 1, 2024, plan to report by Jan. 1, 2025.
• Dissolve any dormant entities to simplify your ownership structure.

Evaluate real property planning.

Review your plans for passing real properties to your heirs. Discuss with your estate planner to ensure that your properties are set up properly, considering factors like property tax basis to minimize potential complications.

Update child and pet information forms.

If applicable, update your child and pet information forms with any new or changed information regarding those who depend on you! Ensuring that your legal documents accurately reflect your current family composition is crucial for their effectiveness.

Consolidate all of your assets.

Consider consolidating your assets if they are spread across multiple accounts. Streamlining your financial holdings not only simplifies your financial life but also makes it easier for your loved ones to manage in the event of your incapacity or passing.

Maximize FDIC insurance coverage.

If you’re concerned about exceeding the FDIC insurance limit of $250,000 per account, explore programs that allow you to work with one bank while distributing your funds across multiple banks behind the scenes. This strategy multiplies your protection and reduces the hassle of dealing with numerous financial institutions.

As you refresh your surroundings, take this opportunity to revitalize your financial future for peace of mind and security. Call us if you have questions or need further information. Happy spring cleaning!

–Angela Klenk