Spring Cleaning: 5 Easy Things You Can Do Now To Clean Up Your Estate Plan

Originally published by the Estate Planning Council of Naples in their March 2025 publication of the Estate Planning Guide.

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The time for spring cleaning is here, and that extends to your estate plan.  Now is the perfect time to tidy up your estate plan and ensure everything is in proper order.  Below are five easy things you can do now to clean up your estate plan.

1. Check your beneficiary designations. 

Do you have a retirement account or life insurance policy? These accounts may have been set up years or decades ago.  Now is the time to check your primary and contingent beneficiary designations to ensure that you have a valid beneficiary designation in place that aligns with your estate planning goals.  If your beneficiary designation is blank or if the designation names someone who is not living, then the asset generally defaults to your estate.  This result is undesirable because it triggers probate and can open otherwise protected property up to the reach of creditors.

2. Check how your accounts are titled. 

In general, accounts titled in your individual name will be subject to probate upon your passing.  Often, a trusted relative or friend is placed on an account as a joint owner to assist with bill pay and other administrative necessities.  However, titling an account joint with another person generally results in the account passing to the joint owner by rights of survivorship.  For example, if you have three children and name one child as a joint account owner with rights of survivorship, then the entire account passes by operation of law to that one child.  That child is not obligated to share the proceeds of the account with his or her siblings.  In fact, doing so can result in gift tax consequences to the child.  Consult with an attorney to determine the proper way to title your accounts to avoid unwanted consequences.

3. Check how your Florida homestead residence is titled. 

Florida imposes many protections and restrictions on your homestead property.  During your lifetime, these laws provide real estate tax benefits and protections from creditors.  Upon your passing, these laws impose restrictions on how the property may be distributed.  Issues commonly arise with homestead titling that can be easily avoided upon review during your lifetime.  For example, improper titling or attempted improper conveyances can result in the surviving spouse owning a fractional or life estate interest with descendants.  Avoid these issues now by reviewing the titling to your property and making any necessary changes.

4. Prepare, maintain and share a list of important contacts and general asset information. 

It is preferable to include as much information as possible, but, at a minimum, your contact list should include your attorney, accountant and investment advisor.  Your asset list should include information on where your assets are located and how they are titled.  You do not need to include exact account numbers and values.  Share this information with your advisors, and, if you are comfortable doing so now, with the individual(s) named to serve as personal representative or trustee under your documents.

5. Consult with an estate planning attorney. 

If your documents were prepared before you became a Florida resident, have your documents reviewed by a Florida estate planning attorney to ensure compliance with Florida law and avoid probate, unwanted tax consequences or homestead issues.  If your documents were prepared years ago or if you do not have documents in place, consult with an estate planning attorney to make any necessary updates.